Titan posts 1Q record sales, but sees income drop
Titan International Inc.'s first quarter net sales totaled $226.3 million, a 24% increase over sales during the first quarter of 2006 and a Titan record. Income from operations for the first quarter 2007 was $14.3 million, down $2.9 million from the same period last year.
Titan's gross profit for the first quarter 2007 was $27.2 million, as a $3.9 million drop from the same period in 2006.
In addition, Titan suffered a net loss of $2.5 million during the first quarter of 2007 versus income of $8.6 million in 2006.
"We continue to integrate the Continental OTR business and
rationalize product lines across facilities," says Titan Chairman and CEO Morry Taylor.
"We are seeing strengthening in the agricultural market and we believe even stronger agricultural numbers will start showing up in the next few quarters."
Titan also was able to reduce its selling, administrative and other expenses to $11.3 million during the first quarter.