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.
â€œThe most exciting news for the period is receiving shareholder acceptance to acquire Titan Europe Plc,â€ said Maurice Taylor, CEO. â€œWe 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 â€œa strong presence in that mining region,â€ and expands its global reach. â€œI believe over the next 18 months this business will really grow by bringing together the mining business from the Titan Europe acquisition,â€ Taylor added.
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News release from Titan