Titan International Inc. recorded net income of $19.5 million on sales of $402.9 million for the fourth quarter ended Dec. 31, 2011. That compares to a net loss of $9.1 million on sales of $232.7 million for the same time period last year.
Fourth quarter gross profit increased to $58.5 million from $16.2 million in 2010. Cash and investments Dec. 31, 2011, was $129.2 million, compared to a balance of $94.3 million Sept. 30, 2011. Inventory Dec. 31, 2011, was $190.9 million, compared to $183.2 million balance at September 30, 2011.
Titan says its year-to-date sales for 2011 were the highest in company history at $1,487 million, as compared to $881.6 million in 2010, an improvement of 69%. Gross profit for 2011 was $232.1 million, or 15.6% of net sales, as compared to $104.1 million, or 11.8% of net sales in 2010. Year over year the gross profit increased 123%.
“2011 has been a great year for Titan International,” says Maurice Taylor, chairman and CEO of Titan International. “Titan has not only made a number of acquisitions but, internally, we have strengthened our management teams for continued growth.”
Taylor says projections for the farm tire and wheel business are double digit growth. Titan’s mining and construction business is expected to grow by triple digits.
“This growth will come from our current offering of products and newly designed tires and wheels. We will spend approximately $55 million in 2012 on new equipment, molds and dies at our current facilities to achieve these goals. I believe that each quarter will set records over prior quarters in 2011.”