Current Issue

PREMIUM CONTENT FOR SUBSCRIBERS ONLY

Commercial Business Retail Suppliers Wholesale Distribution

Titan posts $11 million loss during 3Q

Order Reprints

Titan International Inc. posted sales of $141.5 million on a net loss of $11.1 million during the third quarter. That compares to sales of $255.5 million on income of $10.3 million during the same period last year.

Titan made some difficult decisions during the third quarter, including temporarily shutting down production at some of its plants, says Chairman and CEO Morry Taylor.

"Titan was able to decrease inventories by $25 million," he says. "Titan also increased its cash balance during the quarter by $25 million."

Taylor says he believes the third quarter "was the bottom of the downward trend in the construction and farm markets. While the earthmoving and construction segment has been experiencing decline due to various factors in the construction, infrastructure and housing markets in 2009, the agricultural segment has more recently moved lower.

"I believe inventory reduction is over and business will start to slowly grow during the next four quarters, but anyone who knows this business knows it can turn on a dime."

Related Articles

Titan posts loss for 4Q, $11 million gain for 2005

Cooper Posts $6 Million Net Loss During Second Quarter

Goodyear posts 3Q loss of $48 million despite record sales

You must login or register in order to post a comment.