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Titan International Q2 2024 financial results

Titan International, Inc. has reported its financial data for the second quarter of 2024, results that reflect both the challenges and opportunities faced by the company in a dynamic market environment. Net sales for the three months ended 30 June 2024, reached US$532.2 million, marking an increase from $481.2 million in the corresponding period of last year. This growth was primarily driven by higher volumes in the consumer segment, significantly bolstered by the Carlstar acquisition, which completed on 29 February 2024.

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Related news:

  1. Results exceeded expectation: Titan International’s Q3 2021
  2. High inventories in Q2 2023 drive down Titan International’s volumes
  3. Titan International net sales up 18% in Q2 2018
  4. “Solid results in the midst of challenging market conditions” – Titan International’s Q1 2024
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“Solid results in the midst of challenging market conditions” – Titan International’s Q1 2024

Titan International, Inc. has reported financial results for the quarter ending 31 March 2024. Results for Q1 2024 include approximately one month of results from the 29 February 2024 acquisition of Carlstar Group LLC. Net sales decreased 12.1% year-on-year, to US$482.209 million, and net income attributable to Titan and applicable to common shareholders was down 71.1%, to $9.201 million.

Membership Required

If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.

Subscribe now

Becoming a member has benefits such as:

  • Read our sector-leading articles in full
  • Full analysis of tyre business segments
  • Read Tyres & Accessories magazine online/in print

Already a member? Log in here

Related news:

  1. High inventories in Q2 2023 drive down Titan International’s volumes
  2. Results exceeded expectation: Titan International’s Q3 2021
  3. Titan International increases sales, reduces net loss in Q1 2017
  4. Working through the downturn: Titan International increases net sales, reports $6.5 million loss
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High inventories in Q2 2023 drive down Titan International’s volumes

The decline in net sales and income that Titan International, Inc. experienced in the first quarter of the year has continued in the second, with all operating segments reporting year-on-year decreases. Company president and chief executive officer Paul Reitz is nonetheless “very pleased” with these Q2 2023 results.

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  1. Results exceeded expectation: Titan International’s Q3 2021
  2. Titan International net sales up 18% in Q2 2018
  3. Titan to reduce employee headcount following disappointing Q1 performance
  4. Titan’s Paul Reitz an EY Entrepreneur Of The Year
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Titan’s Paul Reitz an EY Entrepreneur Of The Year

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Ernst & Young LLP (EY US) has named Titan International’s Paul Reitz a winner of its Entrepreneur Of The Year 2023 Midwest Award. The chief executive officer considers this not only an honour on a personal level, but also “testament to the fact” that the tyre maker has “an exceptional team in place.”

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Mixed feelings about Russia? – Titan International sends letter to Biden

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In its most recent quarterly report, US-based off-highway tyre manufacturer Titan International, Inc. reports owning 64.3% of Russian tyre maker Voltyre-Prom, with the Russian Direct Investment Fund the remaining shareholder. Yet this connection with Russia hasn’t stopped Titan raising its voice against indirect imports of Russian petroleum products into the USA. Together with the United Steelworkers union, Titan has even sent a letter to Joe Biden.

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Titan takes on investor relations advisor

Off-highway segment specialist Titan International, Inc. has appointed Alpha IR Group its new investor relations advisor. In this capacity, Alpha IR will support Titan and its investor relations activities as well as broaden awareness of Titan within the financial community.

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Titan International: No further investments in Russian operation

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Although Russian tyre maker Voltyre-Prom recently spoke of potential opportunities arising from the war in Ukraine and related international implications, majority shareholder Titan International confirms it will not be investing in this business any time soon. Details of Titan’s relationship with the Russian operation were set out in the US-based firm’s 10-Q financial report for Q1 2022 and further commented on during a teleconference held on 3 May.

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OTR Tyres buys Titan International’s Australian wheel business

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Titan International, Inc. has entered into a definitive agreement to sell its Australian wheel business to OTR Tyres, a Western Australia-based tyre, wheel and service provider. It anticipates closing the deal on 31 March 2022.

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Titan begins CNH Industrial global supply deal

Titan International, Inc. has entered into a three-year agreement to supply various CNH Industrial production sites with agricultural tyres and wheels manufactured at its plants in Europe and the Americas. This supply contract to the manufacturer of the Case IH, New Holland and Steyr agricultural machinery brands is valued at approximately US$400 million, assuming current exchange rates and raw material pricing levels.

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Titan supplying Kubota-branded tyres as OE

Titan International, Inc. has entered into an exclusivity agreement with Kubota Tractor Corporation and Kubota Canada Limited, the Japanese agricultural machinery company’s businesses in North America. The agreement will see Titan Trac Loader II tyres fitted in selected sizes on Kubota products. These tyres will be branded with both the Titan and Kubota names on the sidewall.

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Results exceeded expectation: Titan International’s Q3 2021

Titan International reports achieving in Q3 2021 its strongest third-quarter results since 2013. Net sales for the three months to 30 September were up 47.8 per cent year-on-year, to US$450.4 million, and the gross margin rose more than three percentage points, to 13.4 per cent on the back of gross profit amounting to $60.3 million.

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Related news:

  1. Titan International net sales up 18% in Q2 2018
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  3. Titan International sells Wheels India share
  4. Titan International joins Russell 3000 Index
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Titan International joins Russell 3000 Index

Titan International, Inc., manufacturer of the Goodyear Farm Tires range, has become a member of the broad-market Russell 3000 Index, effective after the US market opened on 28 June. Global index provider FTSE Russell added Titan as part of the 2021 Russell indexes reconstitution.

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Titan International sells Brownsville, Texas manufacturing plant

Titan International has completed the sale of its tyre manufacturing plant in Brownsville, Texas facility to an affiliate of commercial real estate firm Phoenix Investors. The one million square feet plant was built in 1997 on 108 acres, and Titan ended tyre production in 2003. It has since leased the site to multiple tenants.

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  4. Voltyre-Prom: Key shareholder announces aim to sell stake in tyre maker
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Titan to Trump: We’re not the Goodyear you want to avoid

In order to prevent damage from ‘friendly fire’, Titan International Inc. has issued a statement distancing itself from the spat between US President Donald Trump and the Goodyear Tire & Rubber Company. Titan wants to make it clear that there is absolutely no link between it and the alleged Goodyear diversity training document that’s circulating on the internet.

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  4. ‘Supporting the food industry’ – Titan International’s tyre plants stay open
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‘Supporting the food industry’ – Titan International’s tyre plants stay open

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Titan International, Inc., manufacturer of the Titan tyre brands as well as the Goodyear agricultural tyre lines sold in the UK, Europe and North America, says its plants are operating as normal during the COVID-19 crisis. The company describes its decision to maintain production as a “commitment to keeping its US manufacturing facilities operating as normal in order to support the food and agriculture industry.”

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  1. Titan to Trump: We’re not the Goodyear you want to avoid
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  3. Cooper Tires pausing production in North America, considering options in Europe
  4. Growing agri range: Goodyear tyres back on British soil
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