Titan International Inc. has recorded net sales of $125.8 million for the second quarter, compared with $120.3 million for the second quarter of 2001. Year-to-date net sales were $249.6 million compared with $256.4 million for the first half of 2001.
Income from operations for the quarter was $4 million compared with a loss of $4.6 million in the second quarter of 2001. Year-to-date income was $5.1 million compared with a loss of $0.7 million for the 2001 period.
The strength of foreign currencies against the dollar benefitted Titan by $1.4 million during the second quarter, the company said. Net income for the second quarter was $0.4 million compared to a net loss of $4 million for the second quarter of 2001, which included a pre-tax gain of $4.4 million from the early retirement of subordinated debt, the company said.
The company had a net loss of $2.5 million for the first six months of 2002 compared with a net loss for the same period of 2001 of $3.8 million.
"The second quarter results demonstrate the talent, focus and strength of Titan's employees when faced with the significant downturn in the large agricultural equipment market from peak 1997 levels," said Maurice Taylor Jr., Titan president and CEO.
"Several months after the resolution of the extended labor unrest with the United Steelworkers of America, Titan has made significant strides within the operations of the company. (Titan settled two strikes last fall, one in Des Moines, Iowa, and one in Natchez, Miss.) Titan's ability to reduce cost, develop new products and improve delivery has resulted in creased market share for aftermarket tires and I expect this to continue as we introduce retrofit LSW wheel and tire assemblies.
"Additionally," Taylor added, "the new farm bill may bolster equipment sales in 2003, which will benefit Titan. Titan's facilities in Des Moines, Iowa, and Brownsville, Texas, are ready to lead the company as they improve output and efficiency."
Titan's agricultural market segment improved during the second quarter of 2002, the company said.
