QUINCY, Ill. (July 24)—Tire and wheel maker Titan International Inc. posted a $4 million net loss for the second quarter ended June 30, down from net earnings of $18.9 million in the year-earlier period. Quincy-based Titan had sales of $120.3 million for the quarter, a 17.4-percent decrease from the $145.6 million posted in 2000. Titan's quarterly financial results were affected by the ongoing general economic and agricultural market downturn; shutdowns and inventory adjustments by major original equipment customers; and the strength of the dollar vs. currencies abroad, President and CEO Maurice Taylor Jr. said. The firm did manage to reduce long-term debt by more than $30 million during the quarter, and expects to see financial improvement by the fourth quarter. For the first six months of 2001, Titan lost $3.8 million on sales of $256.4 million, both drop-offs from a profitable first half in 2000.
Titan reports $4 million loss for second quarter
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