Titan International (NYSE: TWI) reported Q2 EPS of ($0.08), $0.28 better than the analyst estimate of ($0.36). Revenue for the quarter came in at $286.1 million versus the consensus estimate of $275.32 million.

"Our strong focus on protecting the balance sheet, via cash preservation, accessing additional liquidity and improving our working capital position are each positive takeaways from the second quarter," stated Paul Reitz, President and Chief Executive Officer. "We were able to increase our cash balance nearly $20 million during the quarter while maintaining a similar net debt position. This improved position will aid Titan as we continue to navigate the effects of the COVID-19 pandemic. The One Titan global team remains focused on the safety of our people while proudly serving our customers, and I want to again thank the team for their tremendous commitment and diligent efforts throughout this pandemic. In early May, during our most recent earnings announcement, we outlined several key actions we had implemented in response to the COVID-19 pandemic and in the midst of tremendous uncertainty. I am very pleased to report that our actions and efforts have been effective.

"As expected, Titan had significant disruptions with plant shutdowns due to dislocation in demand primarily from OEM customers, along with some government restrictions during April. During the remainder of the quarter production levels improved; however, we continued to experience disruptions due to lower demand from our customers. Our ITM undercarriage business saw the deepest impact from lower customer demand across most geographies, particularly within the construction market.

"We entered the second quarter expecting this period to be the most challenging of the year and perhaps in Titan's long history. Our results demonstrate that we've navigated the challenges quite well, but like many companies we remain in an environment with limited demand visibility from our customers and also where the information we are receiving is often conflicting and changing rapidly. We continue to see an unusually high level of drop-in orders and we must remain nimble and flexible to quickly respond to meet those customer demands. Typically, we experience a sales slowdown in the third quarter due to the normal summer maintenance shutdowns and employee holidays, which we anticipate will be further exacerbated by the effects of the continuing COVID-19 pandemic. Therefore, we'll continue to remain diligently focused on making timely decisions and taking quick actions to adjust to demand fluctuations. Also, the liquidity actions we have taken have better positioned us to handle this crisis and we remain hopeful for some potential rebound in demand later in the year leading into 2021."

For earnings history and earnings-related data on Titan International (TWI) click here.