QUINCY, Ill. (Oct. 29, 2004) — Titan International Inc.'s net sales in the third quarter increased 4.7 percent to $116.5 million, and net income also grew to $1.48 million from a loss of $13.4 million last year.
Adjusting sales to reflect the sale of Titan Europe P.L.C., this quarter's results are 47.1-percent higher than 2003's adjusted $79.2 million.
“Clearly we are pleased with the great strides Titan has made since third quarter last year, especially considering Titan Europe P.L.C.'s sales are no longer consolidated with those of Titan International,” said Maurice Taylor Jr., president and CEO. “Titan's commitment to product innovation, manufacturing efficiencies and focused sales has led to a healthy profit for the third quarter, which is typically impacted by seasonal equipment manufacturer shutdowns.”
For the first nine months of the year, Titan posted net sales of $404.7 million, up from $371.2 million. Net income improved to $12.4 million from a loss of $27.4 million last year.
Titan International owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment.