Titan International Inc. achieved $450 million in sales during the third quarter of 2021, a $145.6 million year-over-year increase and the company’s highest quarterly sales since the second quarter of 2014.
The company also reported income of $22.9 million during 3Q 2021, a year-over-year increase of nearly $30 million.
Titan’s 3Q 2021 adjusted EBITDA was $35.1 million versus $14.2 million during the same period in 2020.
Paul Reitz, Titan’s president and CEO, says each of the company’s business segments “experienced strong sales growth, with agriculture leading the way with an increase of over 59%, year-over-year.
“Our order books continue to strengthen, especially on the agriculture side, where commodity pricing remains at good levels with corn above $5/bushel, soybeans above $12/bushel and cotton at an all-time high, thus ensuring strong farmer income levels for 2022.
“High farmer incomes, combined with historically low dealer inventory levels and aging equipment, creates a strong tailwind that we believe will continue through 2022,” he adds.
Titan’s OTR tire business posted 36% year-over-year gains as “end markets continue to look increasingly promising.”
The current business environment “is one of the most dynamic” that “all of us have faced and our Titan team has been successful in managing through it.
“We are in a good position at this time to capitalize on our reinvigorated strength to drive growth and increased financial results for our investors."
