Titan sales rise slightly, losses remain in first quarter

QUINCY, Ill (April 30)—Titan International Inc. reported a loss of $5.9 million on net sales of $129 million for the first quarter of 2003, compared to a loss of $2.9 million on sales of $123.7 million for the year-earlier period, the Quincy tire and wheel maker announced April 30. Diluted loss per share for the quarter was 28 cents vs. 14 cents for the same quarter in 2002. Titan's first-quarter numbers were negatively impacted by higher raw material prices, combined with increased employee benefit and insurance costs accounting for more than $4 million in additional expenditures compared to the first quarter last year, said Maurice Taylor Jr., Titan president and CEO. Planned price increases and further efficiencies should result in improved margins for Titan products while the company also will continue its pursuit of unconventional sales channels, he said. "These measures will help Titan withstand the economic pressure expected to persist throughout 2003 in the company's three market segments: agricultural, earthmoving/construction and consumer," Taylor said.