QUINCY, Ill. (Feb. 25, 2005) — Titan International Inc. returned to the black in 2004, reporting net income of $11.1 million vs. a loss of $36.7 million as sales grew 3.8.
For the fourth quarter, Titan posted net sales of $105.9 million, down from $120.5 million, but sales actually increased 30 percent when adjusted to reflect the sale last April of Titan Europe.
With the annual sales similarly adjusted, 2004's sales were up 32 percent to $461.1 million from $347.9 million in 2003.
Quincy-based Titan reported a net loss in the fourth quarter, although it cut the loss to $1.29 million from a loss of $9.21 million the prior period.
“Titan has experienced another remarkable quarter, and we are proud to report a profitable 2004,” said Maurice Taylor Jr., president and CEO. “The operating results for the year show Titan's employees worked hard to return the company to profitability when presented with increased demand in the agricultural and construction markets. Although it's been a bumpy ride, we will not forget to maintain focus on reducing costs and further enhancing efficiencies. Many of our customers are predicting another strong year in 2005.”