Titan reports record Q3 revenue and net income
Titan International Inc. has reported that sales for the third of quarter 2011 set a record at $398.8 million, up 79% compared to $222.8 million in the third quarter of 2010.
Gross profit for third quarter 2011 was $53 million, up 90% compared to $27.9 million in 2010. Third quarter income from operations was a record $41.4 million up 231%, compared to $12.5 million last year.
Earnings per common basic share for the third quarter were $.50, compared to $.12. Fully diluted earnings per common share for the third quarter were $.42, compared to $.11.
“The results continue a strong upward trend,” says Titan CEO and chairman Maurice Taylor. “The third quarter was outstanding for many reasons. The third quarter is normally Titan’s weakest due to routine factory maintenance shutdowns during summer months, customer shutdowns and employee vacation. Factory efficiency generally drops as a result. In addition, the summer weather was hot and our factories are not air conditioned.
“Titan has recently hired hundreds of new employees, including those on long layoffs, which have had to be trained for skilled jobs. All of Titan employees, salary as well as hourly, have accomplished this with great team effort.”