QUINCY, Ill. (March 1, 2004) — Titan International Inc. is confident it will be back in the black this year, based on “excellent” sales in the first two months of 2004, expanded back orders and recently implemented price increases, according to President and CEO Maurice Taylor Jr.
Farm and industrial tire and wheel maker Titan cut its net loss in the fourth quarter by more than 40 percent, to $9.2 million, on 11-percent better sales of $120.5 million. The pre-tax loss was down by two-thirds at $6.22 million.
For the year ended Dec. 31, Titan was $36.7 million in the red–2.2 percent worse than in 2002–while sales improved 6.2 percent to $491.7 million.
As a result of some consolidation in 2003, Titan has experienced its strongest start to a year in 2004 since 1997, Mr. Taylor said. The volume of farm and construction segment back orders should result in a profitable first quarter, he said, noting that the weakening U.S. dollar is “great medicine for the manufacturing sector.”