QUINCY, Ill.—Titan International Inc., a maker of farm, industrial, specialty and off-the-road tires and wheels, posted a net loss of $7.45 million for the third quarter, ended Sept. 30, as sales skidded 11.9 percent to $119.8 million.
Part of the sales drop was attributable to the sale of assets of two Titan facilities to Carlisle Tire & Wheel Co., completed in the second quarter. If the 1999 quarter's sales were adjusted to reflect those changes, Titan said its third quarter 2000 sales would have shown growth of approximately 4.4 percent.
President and CEO Maurice Taylor Jr. said "reduced demand from some of our major customers, combined with unfavorable European currency fluctuations and increased energy costs during the third quarter, negatively impacted Titan's profits."
The company made no mention of the ongoing strikes—now more than 2 years old—by members of the United Steelworkers union at its plants in Des Moines, Iowa, and Natchez, Miss.
Through the first nine months of the year, Titan lost $12.5 million on a 5.3-percent decline in sales to $429.7 million.
In 1999, Titan posted net losses of $5.86 million for the third quarter and $5.47 million for the nine months.