Titan Intl reports higher sales in Q1

Quincy, Illinois - Titan International, Inc. reported net sales of $182.6 million for the first quarter of 2006, up 34 percent on a year ago. The increase was due mainly to the increased sales from the Freeport, Illinois farm tyre unit Titan acquired from Goodyear in December 2005.

Titan paid Goodyear $1.6 million in royalties in the first quarter, in accordance with the agreement signed by both parties.

Gross profit for the first quarter 2006 was $31.1 million, as compared to $24.1 million in the first quarter of 2005. The $7.0 million, or 29 percent, increase in gross profit was attributed to the significantly higher sales levels achieved during the quarter.

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Press release from Titan