Titan International Inc (TWI)

[starbuxsux]

12:01PM Titan Intl announces 2014 management goals; FY14 rev goal of $2.4-2.7 bln vs $2.3 bln Capital IQ Consensus Estimate (TWI) 16.54 +0.50 : Co announced management goals for 2014. Chairman and CEO comments, "In the past few years Titan International has gone from a North American farm wheel and tire manufacturer to a worldwide manufacturer in farm tires and wheels. We have also become a big player in the construction of mining wheels, tires and tracks. As I stated last October during our third quarter results, some see the glass as half full, others see it half empty. I believe the next few years are going to be very good if you are in the farm and construction industry.

"The revenue goal for 2014 is set at $2.4 to $2.7 billion US dollars (vs $2.3 bln Capital IQ Consensus Estimate), assuming no further acquisitions. EBITDA goals are $240 million to $270 million. These figures presume pricing and material costs remain flat in 2014. In 2013, Titan saw pricing drop due to material decreases across all products. Titan forecasts maintenance Cap Ex to be approximately $70 million in 2014. All managers' bonuses will be based on reaching the above goals. Incentives are in place to improve the bottom line. "There are currently four acquisitions for which Titan is performing due diligence. If we complete these acquisitions, the maximum additional revenue would be approximately $500 million.