Titan International, Inc. TWI Shares are trading lower after the company reported worse-than-expected fourth-quarter sales results.

What you should know: On Monday after market close, Titan International released its fourth quarter and full year results for the period ended December 31, 2022.

The company reported quarterly earnings of $0.44 per share, meeting analyst consensus estimates. Titan International reported quarterly revenue of $509.77 million compared to analysts’ consensus estimate of $523.30 million, a negative revenue surprise of 2.59%.

Titan International reported record annual earnings of $2.20 per share, compared to $0.60 per share in 2021. The company reported annual revenue of $2.17 billion, a 22% increase compared to 2021.

“The Titan team once again performed at a very high level and ended the year with record fourth quarter results. This strong performance supported annual records in sales, profitability and cash flow for the full year 2022,” he said Paul ReitzPresident and Chief Executive Officer.

Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies and chassis products.

According to data from Gasoline Pro, Titan International shares are down 19.7% to trade at $12.16 at the time of publication. The stock has a 52-week high of $19.81 and a 52-week low of $10.81.

Photo: courtesy of Titan International, Inc.