ERJ staff report (LMH)
Quincy, Illinois - Tyre maker Titan International's third quarter profit has soared by 90 percent reaching $53 million (Euro 38 million), while income was up by a huge 231 percent at $41.4 million. Sales for the third quarter were $398.8 million, up 79 percent from 2010.
â€œThe third quarter was outstanding for many reasons,â€ commented Titan CEO Maurice Taylor. â€œThe third quarter is normally Titan's weakest due to routine factory maintenance shut downs during the summer months, customer shut downs and employee vacation.â€
Titan said its current backorder is the largest the company has ever seen and as a result, the tyre maker will be hiring more employees in the coming months.
Taylor said in the 26 Oct results report that Titan's goal of $1.4 billion in revenue for the year as a whole should be met, and earnings (EBITDA) are predicted to be within the range of the company's revised goal of $200 million.
Sales for the nine months ended 30 Sept 2011 were $1.1 billion, compared to $648.9 million in 2010. Profit was $173.6 million, up from $87.9 million in 2010, and income more than doubled to $112.7 million from $40.1 million.
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Press Release from Titan International