Titan posts $11 million loss during 3Q
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."