Titan International Inc. posted net income attributable to Titan of $19.5 million on net sales of $404.7 million for the third quarter ended Sept. 30, 2012. That compares to income of $21.1 million on sales of $398.8 million for the same period last year.
The record sales volume was partially the result of strong market conditions in the agricultural and earthmoving/construction segments, according to Titan.
Third-quarter income from operations was $36.2 million, compared to $41.4 million last year. Titan's income-to-sales ratio was 4.8%.
“The most exciting news for the period is receiving shareholder acceptance to acquire Titan Europe Plc,” says Chairman and CEO Maurice Taylor. “In fact, as you read this, I am in Europe, at the closing of this transaction.
"We will be finalizing how we will restructure the company, which we will own 100%. The increased global footprint creates strong opportunities for the future.
“In August, we closed on the Planet Corporation Group in Perth, Australia, which gives us a strong presence in that mining region and expands our growing global footprint," says Taylor. "The opportunities for Titan in our new Titan Mining Service business are tremendous.
"I believe over the next 18 months, this business will really grow by bringing together the mining business from the Titan Europe acquisition. Titan’s current run rate is now greater than $2.5 billion revenue and growing."
Titan recorded year-to-date net income of $99 million on net sales of $1.3 billion. That compares to income of $43.7 million on sales of nearly $1.1 billion for the first nine months of 2011.
Income from operations for the first nine months of 2012 were up 56%, from $112.7 million in 2011 to $175.8 million.
