Titan net income down 42.5% yoy in Q1 2013
Titan International has announced “another record quarter” during the first three months of 2012, however the figures behind this impressive-sounding statement make for rather modest reading. While sales are up 24.9 per cent over the first quarter of 2012, the tyre maker only managed a small increase in gross profit, while adjusted net income declined significantly. Earnings per share were less than half what they were a year ago, although admittedly they show an improvement on Q4 2012. Titan says it remains focused on its goals, however, and sees many opportunities in the agricultural and mining sectors where it is most active.