Titan Reports Lower Sales, Profits

(Akron/Tire Review) Titan International saw its third quarter sales and net profits drop year-over-year. Net sales for the period came in at $102.7 million, down from last year’s $116.5 million. Profits fell to $3.6 million from $9.9 million for 2004’s third quarter.

“Third quarter is always the toughest quarter due to Titan’s various shut downs, ‘and usually during the third quarter most OEMs adjust their inventory levels,” said Titan Chairman and CEO Morry Taylor. “There’s no question costs have risen further than we anticipated. In addition to working on closing various acquisitions, management, starting with myself, must keep a keen focus on our costs. We believe there will be some movement up and down in our markets over the next few months. Our business has been good, and we in management will continue our focus to drive product costs down.”

Through the first three quarters, Titan’s year-to-date sales increased $18.3 million, or 5 per cent, to $373.6 million. Net income for the third quarter was $1.2 million, as compared to $1.5 million in the third quarter of 2004. Net income for the nine months of 2005 and 2004 was $16.6 million and $12.4 million, respectively.