Titan reports Q3 improvements
Titan International Inc. achieved net sales of $111.2 million for the third quarter, a 6% increase from the same period last year.
Titan also trimmed its Q3 losses this year vs. 2002.
During the third quarter of 2003, it lost $12.6 million, compared to a loss of $21.9 million recorded during the same period last year.
Titan also incurred $1.7 million in costs related to the consolidation of its tire manufacturing operations into its Des Moines, Iowa, plant during the third quarter.
"Although the bottom line reflects the traditionally weaker third quarter, the operating results do show that Titan is moving in the right direction," says Titan President and CEO Morry Taylor.
Taylor believes that Titan's cost-cutting initiatives and manufacturing efficiency improvements -- along with a rebound in the farm and construction markets, which it serves --will lead to even better results in 2004.