Titan loss grows, sales slip 5.3 percent in quarter

QUINCY, Ill. (Oct. 19)—Lower demand by some major customers, unfavorable currency fluctuations in Europe and higher energy costs caused Titan International Inc. to report a loss of $7.4 million for the third quarter on a 5.3-percent decline in sales. The company posted sales of $119.8 million for the three months, compared with $136 million the corresponding period last year, when it had a $5.9 million loss. While expressing dissatisfaction with the financial performance, Maurice Taylor Jr., Titan president and CEO, said he expects improving results in the future. For the nine months ended Sept. 30, the company had profits of $12.5 million on sales of $429.7 million.