ERJ staff report (DS)
Quincy, Illinois - Titan International Inc said Sales for first quarter 2012 were $463.1 million (euro 350 million), up 65 percent, compared to $280.8 million in the first quarter of 2011. Gross profit increased 66 percent for first quarter 2012 to $93.4 million, (euro 70.4 million) or 20.2 percent of net sales, compared to $56.3 million in 2011, or 20.0 percent of net sales. Gross profit excluding the Latin American business was $84.9 million or 22.8 percent of net sales for the first quarter 2012.
Chairman and CEO, Maurice Taylor states, â€œThe first quarter 2012 was another record quarter in sales, net profit, EBITDA, etc. The order book is filled for the year and we must keep increasing our output. Farming, construction and earthmoving and mining are all very strong and we expect 2012 to be another year of growth. The dynamics in agriculture are changing around the world and are positively impacting the demand for machinery in the industry. Prices for metals, oil and gas prices in the Earthmoving and Mining markets are expected to remain at attractive levels to support strong demand.â€
Taylor outlined his plans for the former Goodyear car tyre factory in Union City, Tennessee. He said, â€œThis large facility used to produce 48,000 passenger car tyres per day. Since Titan doesn't produce auto or truck tyres, we will be contracting to various firms where we will supply the equipment and they will operate the business of mixing, calendaring and fabricating. Titan will still operate warehousing, equipment repair and new material inventory received. â€œ
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Press release from Titan