Friday, May 01, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. Titan’s first quarter 2026 results came in at the high end of management’s expectations and above our projections, partly driven by positive forex. Titan achieved this performance against a macro backdrop that continues to be very dynamic. Once again, EMC was the star performer with revenue up 11.3% year-over-year and gross margin up 90 basis points. With a diversified portfolio of products, strategically positioned global plants, and a one-stop shop distribution channel, we believe Titan is well-positioned for today’s dynamic operating environment.
1Q26 Results. Revenue of $505 million was up 2.9% y-o-y and exceeded our $495 million projection. The revenue increase was driven by forex gains, which added approximately 3.7% to net sales growth. Gross margin improved to 14.1% from 14.0%. Adjusted EBITDA totaled $31.4 million, up from $30.8 million a year ago and our $26 million estimate. Titan reported adjusted EPS of breakeven versus adjusted EPS of $0.01 last year and our $0.03 estimate.
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