Titan announces 3Q net income of $1.48 million
Titan International Inc. posted net income of $1.48 million on net sales of $116.5 million for the third quarter ended Sept. 30, 2004. That compares to a net loss of $13.4 million on sales of $111.2 million for the same period last year.
"Clearly, we are pleased with the great strides Titan has made since third quarter last year, especially considering Titan Europe Plc´s sales are no longer consolidated with those of Titan International," says CEO and President Morry Taylor.
Excluding Titan Europe´s sales from the third-quarter 2003 results, Titan´s net sales were up 47%, from $79.2 million to $116.5 million.
Income from operations for the quarter totaled $9.9 million, compared to a third-quarter 2003 loss of $5.1 million.
According to Taylor, many of Titan´s tire and wheel customers are forecasting sales growth through 2005.
"The refinancing of the company´s debt (in July) allowed us to secure extended terms through 2009, ensuring the continued financial strength of Titan."