Titan reports record Q3 sales and profit
ERJ staff report (LMH)
Quincy, Illinois - Titan International's third quarter sales were a 'record' $404.7 million (Euro 311 million), a 1 percent increases year-on-year. Gross profit for the three months ended 30 Sept 2012 increased 26.7 percent to $67.2 million, or 16.6 percent of net sales, compared to $53 million, or 13.3 percent of net sales in 2011.
Third quarter income from operations was $36.2 million, compared to $41.4 million last year, Titan said in a 24 Oct report.
September 2012 year-to-date sales were up 22 percent at $1327 million. Gross profit for the first nine months of 2012 increased 39.8 percent to $242.6 million. Income from operations was up 56 percent $175.8 million.
“The most exciting news for the period is receiving shareholder acceptance to acquire Titan Europe Plc,†said Maurice Taylor, CEO. “We will be finalising how we will restructure the company which we will own 100 percent. The increased global footprint creates strong opportunities for the future.â€
Titan also bought Planet Corp. Group of Perth, Australia, in August, which gives the company “a strong presence in that mining region,†and expands its global reach. “I believe over the next 18 months this business will really grow by bringing together the mining business from the Titan Europe acquisition,†Taylor added.
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News release from Titan
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