CHICAGO — Farmers didn't stop growing during the pandemic, neither did Titan International Inc. In the first quarter of 2022, Chicago-based Titan had its best quarterly performance since 2013, reporting pre-tax operating income (EBITDA) more than doubled to $56.9 million on 37.8% higher sales of $556 million.
Net income was $28.2 million, a sevenfold increase over the 2021 period.
Titan said the ag market continues to flourish, construction and earthmoving tire demand is "robust," and the mining sector is strong, according to Paul Hawkins, senior vice president, aftermarket sales, North America, Titan.
Tire Business ranks Titan the No. 27 largest tire company in the world, based on 2020 sales figures.
Titan looks to be having a very strong year. What would attribute to the success?
We've had a very strong year at Titan because of the consistent planning efforts of many of our teams and their ability to quickly adjust to market changes. We have done a great job gearing up for needed production and planning product supply across all our distribution channels. This has been in conjunction with long-term discussions with our customers to identify their needs. Our teams were able to increase production in our plants and help our sales teams sell more tires.
Overall, it has been a good year. We have seen significant increases year-over-year, which we attribute to having dependable production levels at our U.S.-based plants and working with our North American partners.
Did COVID-19 impact Titan?
COVID-19 has had little impact on demand for the last year. Farmers have continued their impressive efforts to keep the world moving, and Titan was deemed an essential manufacturer supporting the ag markets. These two things have provided us the opportunity to continue safely operating to meet the demand for our essential markets.
Throughout this time, the health and well-being of all our essential employees has remained a key focus for us. We have implemented temperature screenings in all our facilities and even held free vaccination clinics for our employees at various times throughout the pandemic. Overall, we've been able to operate safely and largely uninterrupted thanks to our hardworking essential employees. We have been and will continue to maintain increased production levels at our U.S.-based plants to meet the market demands and our customer needs.