Titan Posts Second Quarter Sales Gains
Titan International Inc.'s second quarter sales totaled $573 million, the company's highest quarterly sales since the second quarter of 2013.
"We experienced sales growth of 31% from the second quarter last year and sales grew sequentially 3% from the first quarter to the second quarter," says Paul Reitz, Titan president and CEO.
"More importantly, our margins were good and we delivered adjusted EBITDA of $82 million in the second quarter."
Titan also generated $56 million in free cash flow during the second quarter of 2022.
"Demand and order books are in a solid position in ag and should continue on that path well into the future as supply chain and labor disruptions at OEMs have extended the duration of retail demand," says Reitz.
"The overall, bigger-picture view is that ag fundamentals remain in a strong position and we expect the future to remain bright in the sector. This view also is true for our global construction and mining markets."