QUINCY, Ill. (Feb. 27, 2006) — Titan International Inc. posted a 2-percent gain in net sales in 2005, excluding Titan Europe P.L.C., as net income remained relatively flat at $11 million.
Including the European operations that were spun off last year, Titan reported a 7.9-percent drop in net sales to $470.1 million from $510.6 million in 2004. The European sales affected sales in 2004 by $49.4 million.
For the fourth quarter, Titan posted a loss of $5.54 million, deeper than the loss in 2004 of $1.29 million. Net sales in the quarter also fell 8.8 percent to $96.6 million. During that period, Titan bought Goodyear's North American farm tire business for about $100 million.
“Titan achieved another consecutive year of strong sales and profits,” said Maurice “Morry” Taylor Jr., chairman and CEO. “…Our company is growing and expanding. Our acquisition of Goodyear's North American farm tire assets provides great opportunity for the future.”
Titan returned to the black in 2004 after a few years in the red. But while 2005's net income was flat, the company posted a 64-percent drop in income from operations to $12 million from $33.3 million in 2004.