Third-quarter 'results' are mixed for Titan
Titan International Inc. suffered a net loss of $9.5 million for the third quarter. But resolution of its 40-month strike with the United Steelworkers of America (USWA) in Des Moines, Iowa, bodes well for future results, according to Titan CEO and president Morry Taylor.
"Unquestionably, this long strike has been costly to both parties. However, this new contract will ensure Titan's competitiveness into the future. Titan's wheel and tire assemblies represent a major part of our future growth potential, and we are taking the necessary steps to increase production and develop new channels of sales."
Titan recently signed a $45 million, multi-year military contract. "I am optimistic that Titan will turn the corner in 2002, as our management and workforce focus their energies on returning to profitability," said Taylor.
Through the first three quarters, Titan has recorded a net loss of $15.8 million.
Titan's net sales for the quarter were $100.5 million, down 16% from a year ago. Through the first nine months, Titan's net sales were $356.9 million, down 17% from the first nine months of 2000.