Titan International Inc (TWI)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	104,768	135,733	166,322	212,858	199,442	192,210	154,170	67,216	50,762	19,270	-9,602	-11,865	-53,464	-62,940	-67,677	-74,256	-44,933	-32,041	-9,825	9,918
Revenue (ttm)	US$ in thousands	1,783,068	1,913,292	2,040,465	2,131,996	2,134,021	2,121,127	2,038,908	1,900,559	1,762,714	1,611,529	1,464,134	1,321,222	1,231,573	1,201,559	1,240,856	1,334,958	1,427,099	1,488,712	1,531,408	1,568,067
Pretax margin		5.88%	7.09%	8.15%	9.98%	9.35%	9.06%	7.56%	3.54%	2.88%	1.20%	-0.66%	-0.90%	-4.34%	-5.24%	-5.45%	-5.56%	-3.15%	-2.15%	-0.64%	0.63%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $104,768K ÷ $1,783,068K
= 5.88%

The pretax margin of Titan International, Inc. has shown fluctuations over the past eight quarters. In Q1 2023, the company achieved a pretax margin of 10.02%, indicating that for every dollar of revenue, the company earned 10.02 cents before taxes. This represented a significant improvement compared to the previous quarters. However, in Q2 and Q3 2023, the pretax margin declined to 8.22% and 7.23% respectively, reflecting a decrease in profitability.

Throughout the previous year, the pretax margin ranged from a low of 3.54% in Q1 2022 to a high of 9.33% in Q4 2022. The deceleration in Q1 2022 may have raised concerns about the company's operational efficiency and cost control measures.

Overall, the pretax margin of Titan International, Inc. has exhibited variability, indicating the need for continuous monitoring of the company's financial performance and a focus on improving operational effectiveness to sustain and enhance profitability.