Titan Int'l (TWI) Posts Q3 Loss of 59c/Share

Titan Int'l (NYSE: TWI) reported Q3 EPS of ($0.59), $0.52 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $308.8 million versus the consensus estimate of $358.09 million.

Restatement: On November 2, 2015, the Audit Committee of the Board of Directors of Titan International, Inc. (Titan or the Company) concluded that the previously issued consolidated financial statements for the years ending December 31, 2013 and 2014 and quarters ending March 31, 2014 and 2015, June 30, 2014 and 2015 and September 30, 2014, should no longer be relied upon due to errors in the accounting for the shareholders' agreement and related redeemable noncontrolling interest in the Company's investment in Voltyre-Prom. The Company's Russian partnership agreement contains a settlement put option which may require Titan to purchase the shares of the minority shareholders at a value set by the agreement. The Company did not correctly classify the redeemable noncontrolling interest on the balance sheet as mezzanine equity, which is presented below liabilities and above equity. The earnings per share calculation is affected due to the redeemable noncontrolling interest balance exceeding the carrying value of the investment.

The Company filed an amended Form 10-K for the fiscal year ended December 31, 2014 and amended Form 10-Q's for quarters ending March 31, 2015 and June 30, 2015 to restate the accounting for this agreement on November 6, 2015.

For earnings history and earnings-related data on Titan Int'l (TWI) click here.

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