Titan announces Q3 sales gains
Titan International Inc.'s third quarter sales totaled $104.7 million, a 4% increase over Q3 2001 sales.
However, Titan suffered a net loss of $17.7 million during the third quarter, which included a $9.6 million reserve related to the company's investment in Fabrica Uruguaya de Neumaticos S.A. (FUNSA).
"While the FUNSA situation is regrettable, Titan has determined it is necessary to write-off this investment and if conditions improve in Uruguay, Titan will attempt to salvage this business," says Morry Taylor, Titan president and CEO.
On the upside, Taylor says Titan's tire production is increasing "and we are aggressively attacking costs."