QUINCY, Ill. (April 28, 2005) — Titan International Inc. continued its upswing with net income surging 112.3 percent in the first quarter to $11.2 million.
The company also is closer to finalizing its buyout of Goodyear's North American farm business.
Net sales for the quarter slipped 18.5 percent to $136.1 million. But excluding Titan Europe Plc—which Titan spun off in April 2004 though it retained 29.3-percent ownership—first quarter sales were 15.8 percent ahead of the same period last year. Titan said it was able to reduce its total debt by $6.5 million as of March 31.
“The continued strength of the agricultural and construction equipment markets and the corresponding wheel and tire demand were largely responsible for the higher sales figures,” said Maurice Taylor Jr., Titan president and CEO. “If the U.S. dollar stays in its current range vs. the Euro and the yen, we believe these markets will continue to grow.”
Quincy-based Titan earlier this year reported a profit in 2004—its first annual profit since 2000.
Titan said it is nearing completion of the acquisition of the ag business assets from Goodyear, though that step is subject to an agreement with the United Steelworkers of America. Titan said those negotiations are ongoing, but the company expects the sale to close in the second quarter.
Titan supplies wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer applications.