TITAN Q3 Earnings Presentation
Long-term Secular Tailwinds
STRONG AG DEMAND
Supported by population growth strong
commodity prices & elevated farmer
income
REPLACEMENT CYCLE
Driven by aging equipment, technological
innovation, and strong aftermarket
presence
Corn and Soybean Prices
CONSTRUCTION SPENDING
Supported by global government
infrastructure needs/programs (roads,
bridges and housing starts)
LOCALIZED PRODUCTION
Driven by supply chain challenges,
risk mitigation and shorter
freight times
US Construction Spending
$20
$15
$10
$5
Billion
$200
$150
$100
$50
$-
$0
Corn
Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23
Soybean
Jul-18 Jan-19 Jul-19
Jan-20 Jul-20 Jan-21 Jul-21
Jan-22 Jul-22 Jan-23 Jul-23
Total Construction
Total Private Construction
Total Public Construction
TITAN
Sources: 1) https://www.macrotrends.net/chartes/commodities;
2) U.S. Census Bureau
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