Titan posts second quarter sales, income
Titan International Inc. posted sales of $207 million on net income of $5.9 million for the second quarter of 2009. That compares to sales of $269.1 million on income of $13.3. million during the same period last year.
"There were some good points and bad points to the second quarter," says TItan Chairman and CEO Morry Taylor. "The facts are that business has slowed down. The construction equipment business is really off and will not see any life until the fourth quarter of 2010."
Small farm tractor volume "has hit rock bottom, but Titan will not see any growth in the business until the general U.S. economy picks up."
On the bright side, the large farm tire business "should maintain its good volume," Taylor notes. "This segment of the business has been Titan's strongest for the last three years."