Titan's makes financial gains in quarter despite weather issues

ERJ staff report (R&PN)

Quincy, Illinois -- Titan International experienced increases in almost all areas of its business for the second quarter.

Net income grew 72.3 percent to $44.1 million, while sales climbed 14 percent to $459.2 million.

“The second quarter was a record for Titan,” said Chairman and CEO Maurice Taylor, “but it could have been even bigger.”

Taylor said he had been visiting farms throughout North Dakota, Minnesota, Michigan, Illinois and Ohio. “If you ask a farmer the status of their corn crop, they will tell you it is hurting,” he said. “They are expecting 185 to 200 bushels per acre but they will not get that this year.”

With many farmers being affected by the heat and lack of rain, he said he expected many to see less produce.

Revenues in its three operating segment for the quarter were $289 million for agricultural, $110.5 million for earthmoving/construction and $59.7 million for consumer.

For the first six months of the year, Titan's net income more than tripled to $79.5 million as sales increased 35 percent to $685.3 million.

From Rubber & Plastics News (A Crain publication)

press release from Titan