Titan Releases 2004 4Q Results

Titan International Inc reported net sales of $105.9 million for the fourth quarter of 2004, up 30 per cent, from the $81.5 million the company achieved at the same point in 2003. Pro forma net sales for the 2004 year were $461.1 million, an increase of 32 per cent over 2003 pro forma net sales of $347.9 million, Tire Reivew reports, quoting the company.

Gross profit was $13.1 million for the fourth quarter, and for the year, gross profit more than doubled to $79.5 million in 2004. Gross profit in 2003 was $29.7 million. Net income for the year improved $47.8 million, to a profit of $11.1 million, versus a loss of $36.7 million in the prior year. “Titan has experienced another remarkable quarter, and we are proud to report a profitable 2004,” said Maurice Taylor Jnr, Titan’s president and CEO. “The operating results for the year show Titan’s employees worked hard to return the company to profitability when presented with increased demand in the agricultural and construction markets. Although it’s been a bumpy ride, we will not forget to maintain focus on reducing costs and further enhancing efficiencies. Many of our customers are predicting another strong year in 2005.”