Titan reports record third quarter results

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.

“The third quarter was outstanding for many reasons,” commented Titan CEO Maurice Taylor. “The third quarter is normally Titan's weakest due to routine factory maintenance shut downs during the summer months, customer shut downs and employee vacation.”

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