Titan Announces First Quarter Results

(Akron/Tire Review) Titan International Inc has reported record first-quarter net income of $11.2 million, up 111 per cent from last year’s first quarter. Net sales were $136.1 million for the first quarter, ended 31 March and gross profit was $24 million. Basic earnings per share also set a record at $0.68 for the quarter, the company said. Classified by segment, revenues were $89 million for agricultural, $39 million for earthmoving/construction and $7.5 million for consumer.

During the first quarter, Titan Tire Corp., a Titan subsidiary, agreed to purchase the assets of the Goodyear Tire & Rubber Co.’s agricultural tyres business. The transaction is expected to close in the second quarter.

“The continued strength of the agricultural and construction equipment markets and the corresponding wheel and tyre demand were largely responsible for the higher sales figures,” said Maurice Taylor Jr, president and CEO.