Titan releases second quarter financial results
Titan International Inc. posted net income of $4.6 million on sales of $229.7 million for the second quarter vs. income of $5.9 million on sales of $207 million during the same period in 2009.
Titan Chairman and CEO Morry Taylor says the second quarter was good "for a number of reasons. If you look at the cash flow, you will see that there is about an extra $1 million each quarter in depreciation and amortization related to the new OTR equipment when compared to the same quarters in 2009.
"Large farm is running good and we believe it will go on for a few more years because corn, soybeans, cotton and wheat all use big equipment. In construction and mining equipment, orders are growing. Original equipment manufacturer business is up because of inventory build and the aftermarket is buying Titan's new radial tires in 49- and 51-inch sizes. These new sizes for Titan are part of our second generation super giant tire line, which includes 57- and 63-inch sizes."