Titan posts 3Q income, sales gains
Titan International Inc. posted net income of $4 million on sales of $222.8 million during the third quarter. That compares to a loss of $11.1 million on sales of $141.5 million during the same period in 2009.
Titan's third quarter 2010 income from operations totaled $12.5 million vs. a loss of $15.8 million during 3Q 2009.
Titan Chairman and CEO Morry Taylor says the quarter "was much beter than I expected. Farm demand has been strong and the market strength looks to continue. The earthmoving business is growing stronger each month and looks to continue this growth. As Titan continues to install molds and equipment from the Denman Tire purchase, we should see a sales benefit as we move forward into 2011."
Taylor adds that income from operations in the fourth quarter "should be good. Overall, everything is looking towards a very good year in 2011."