Titan International (NYSE: TWI) reported Q2 EPS of $0.02, versus $0.18 reported last year. Revenue for the quarter came in at $428.9 million versus the consensus estimate of $427.32 million.

"Titan experienced another strong quarter of double-digit, year-over-year quarterly revenue growth, along with delivering improved operational performance," stated Paul Reitz, President and Chief Executive Officer. "It's great to continue our positive EPS trend and the momentum in our net sales as we reported our sixth consecutive quarter of double-digit sales gains with our top line growth improving an average of nearly 20 percent in each of the last four quarters when compared to the prior year quarter. Operating income improved by almost $12 million when compared with this quarter last year and has bettered the comparable six-month period of 2017 by $36 million. Our ITM undercarriage business continues to have an impressive 2018 and outperform our expectations for this year. The fiscal stimulus-led growth in the U.S. economy keeps pushing the strength of the dollar, which for us has created currency headwinds, primarily in Latin America and Russia, which have negatively impacted our reported EPS. We've stated before that our currency movements are not cash-based and the currency impact does not take away from the positive execution across many of our business units during the quarter.

"We continue to believe that Titan\'s global operations are on a positive track overall. We, like many U.S. based manufacturers, face the challenges of a rise in global trade protectionism and a constantly evolving business landscape. Many of the OEMs and dealers that I\'ve spoken with across our businesses continue to view future demand in a positive light, but are watchful of the issues resulting from global tariffs and a decline in grain prices. The tariffs have brought steel costs to their highest level in more than ten years. While natural rubber prices remain at lower levels, we have experienced rising raw material costs within our tire business from many inputs including synthetic rubber, carbon black, bead wire and chemicals.

"We have worked hard the past few years to build a strong, global team with the capabilities to lead our businesses during these times. David Martin recently joined Titan as Chief Financial Officer and brings additional strengths to our team through his experiences over the past 25 years at a global, publicly-traded company. The Titan team is proud of our recent operational and financial performance and we remain resolute and committed to making the decisions to benefit Titan and our stakeholders well into the future.

"We reiterate the previously specified outlook for 2018 and narrow our range of expectations. We expect to grow net sales in the range of 9 percent to 12 percent, while continuing to anticipate gross profit improvement between 25 percent and 40 percent when compared to 2017. We currently expect SG&A/R&D to be at or slightly lower than 10.0 percent of net sales. EBITDA during 2018 is currently expected to be within the range of $98 million to $109 million, which reflects an 80 percent to 100 percent improvement as compared to the previous year. Finally, we expect full-year 2018 capital expenditures to be between $35 million and $45 million, reflecting no change from our earlier outlook."

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