QUINCY, Ill. (Feb. 27) – Tire and wheel maker Titan International Inc. reported a net loss of $6.2 million on sales of $120.5 million during the fourth quarter of 2003, both improvements over the year-earlier period, the company announced Feb. 27.
The Quincy-based firm posted a net loss of $15.7 million on sales of $108.6 million in the fourth quarter of 2002.
For the year, Titan reported net sales of $491.7 million, a 6.2-percent increase over 2002. The company's net loss of $36.7 million in 2003 was slightly more than the $35.9 million loss a year earlier.
Despite the continuing losses, Titan believes its operating results from the quarter point toward progress in reaching profitability, said company President and CEO Maurice Taylor Jr. The firm's operating loss for the quarter was $3.9 million, an improvement from the $11.3 million operating loss in the like period of 2002.
As a result of some consolidation in 2003, Titan has experienced its strongest start to a year in 2004 since 1997, Taylor said. The volume of farm and construction segment back orders should result in a profitable first quarter, he said.