XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue from Contract with Customer, Excluding Assessed Tax $ 481,176 $ 572,895 $ 1,029,820 $ 1,128,892
Cost of sales 395,281 463,242 848,368 932,510
Gross profit 85,895 109,653 181,452 196,382
Selling, general and administrative expenses 34,858 34,669 69,330 70,896
Research and development expenses 3,218 2,238 6,232 5,158
Royalty expense 1,921 3,045 4,856 5,919
Income (loss) from operations 45,898 69,701 101,034 114,409
Interest expense, net (5,762) (7,707) (12,254) (15,614)
Foreign exchange gain (loss) 2 2,234 (1,758) 7,551
Other income 1,186 23,694 1,948 14,835
Income before income taxes 41,324 87,922 88,970 121,181
Provision for income taxes 9,429 19,001 23,645 27,682
Net income 31,895 68,921 65,325 93,499
Net income attributable to noncontrolling interests 1,688 1,750 3,280 2,406
Net income attributable to Titan and applicable to common shareholders $ 30,207 $ 67,171 $ 62,045 $ 91,093
Earnings per common share:        
Basic $ 0.48 $ 1.07 $ 0.99 $ 1.44
Diluted $ 0.48 $ 1.06 $ 0.98 $ 1.43
Average common shares and equivalents outstanding:        
Basic 62,931 62,671 62,918 63,262
Diluted 63,234 63,221 63,404 63,773