Titan International Reports Favourable Results
Titan International has reported positive first half results, with net sales of $288.2 million, (£158 million) from $260.0 million compared with 2003. Second quarter net sales increased by 29 per cent, reaching $121.2 million, (£66 million) from the previous year’s figure of $94.0 million. The net sales, for the period ending 30 June, were adjusted to reflect the sale of Titan Europe, which brought sales of $131.0 million.
A net income of $5.6 million (£3 million) was recorded for the second quarter, resulting in a $10.9 million (£6 million) year-to-date sum for 2004. The figure compared favourably to the previous year’s net losses of $(8.2) million for the second quarter and $(14.1) million for the first six months. Diluted earnings per share were $.32 for the second quarter, compared to a loss per share of $(.39) for the corresponding quarter of 2003, resulting in a $.71 increase quarter-over-quarter. Year-to-date earnings per share leveled at $.57 measured against a $(.67) loss per share in the first half of 2003.