QUINCY, Ill. (Feb. 28, 2003)—Tire and wheel maker Titan International reported a net loss of $35.9 million on sales of $462.8 million during 2002, the company reported Feb. 28.
The loss was slightly more than the $34.8 million posted in 2001, though sales in 2002 rose about 1 percent from the year before. About $12.4 million of the reported loss was related to investment write-offs: a $9.6 million third-quarter reserve for an investment in a Uruguayan tire company and a $2.8 million fourth-quarter reserve for an investment in an Illinois-based welding equipment supplier.
For the fourth quarter, sales improved 8 percent from the same period in 2001 to $108.6 million, while the net loss for the quarter improved to $15.7 million from $21.5 million the year before.
Maurice Taylor Jr., Titan president and CEO, said the company will persist in cutting manufacturing costs and increasing product prices to offset rising insurance costs. Titan's fourth-quarter sales growth should continue into 2003, he added.