Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
web
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • Silicone
    • Latex
    • Coronavirus
    • Executive Action
    • Government/Legal
    • Opinion
    • Technical Notebooks
    • Women in Tire & Rubber
    • ITEC
    • International Elastomer Show
    • HEXPOL Sponsored Content
    • GM, LG Chem to build batteries in Tennessee by 2023
      Goodyear goes retro for 'Throwback' NASCAR race at Darlington Raceway
      Experts seek to address connected-, autonomous-vehicle energy consumption
      OUR VIEW: Big ideas power big technological leaps
    • Goodyear goes retro for 'Throwback' NASCAR race at Darlington Raceway
      Video: Nexen makes 500 million tires with no recalls
      JK Tyre adds radial truck tires to U.S. portfolio
      Last Mile: Delivery surge raises demand for medium truck tires
    • Nike to step up rubber sustainability efforts
      OUR VIEW: Big ideas power big technological leaps
      Evco Plastics buys Georgia plant to add LSR, white room molding
      Annual CAR MBS will be held as hybrid event
    • SI to begin antioxidant production in China
      ‘China-only Chinaplas' opens as first major industry show in the pandemic
      Farrel updates continuous mixer technology
      Chemours sets greenhouse gas emissions reduction targets
    • Smithers ramps up with Suzhou testing facility
      5 for 50: Bruce Meyer's five most memorable work trips
      AirBoss unveiling high heat-resistant EPDM
      Evco Plastics buys Georgia plant to add LSR, white room molding
    • ‘China-only Chinaplas' opens as first major industry show in the pandemic
      Latin America faces tough recovery from COVID-19, KraussMaffei executive says
      Titan Tire to offer free COVID-19 vaccines at Iowa facility
      Bridgestone hosts vaccination events for plant employees
    • Detroit 3 execs join voting rights debate in Michigan
      Harwick Standard hires Marc Pignataro to executive role
      Motion Industries promotes industry veteran Jim May
      Hutchinson names new chairman, CEO
    • Experts seek to address connected-, autonomous-vehicle energy consumption
      Detroit 3 execs join voting rights debate in Michigan
      Avon Rubber expects 40 percent rise in half-year sales
      Top Glove says U.S. withhold order bears no financial impact
    • Meyer: Sunflowers seek their due
      OUR VIEW: Big ideas power big technological leaps
      Column: Ramping up to an RPN milestone
      Our view: It may be time to rethink, rebuild supply chains
    • Correlating cure kinetics and physical properties with accelerator variations in a model SBR compound
      Material to give tire compounds lower density, lower hysteresis and improved wear
      Technical notebook: How to control porosity in extruded EPDM dense profile
      Part 2: Studying RPA ASTM methods for detecting compound quality differences
    • WORD Conversations: Charles Goodyear Medalist Puskas says academia needs to ease time commitments
      Women find success, opportunity in petrochemicals
      Rubber Division to host WORD webinar series
      Rubber Division introduces WORD webinar series
    • Goodyear recognized by Lockheed Martin as 'elite supplier'
      EV tire advancements to help secure future
      Lambillotte: Only question on AVs is timing
      CAR official says EV future brighter than autonomous
    • Rubber Division preparing for Spring Technical Meeting
      Rubber Division introduces WORD webinar series
      Rubber Division seeks abstracts for 200th Technical Meeting
      WORD panelists say evolution, authenticity keys to success
    • Sponsored By HEXPOL Compounding
      Faster Access to Your Polymer Compounding Experts Around the World
      Sponsored By HEXPOL Compounding
      Take a walk thru a HEXPOL Lab
      Sponsored By HEXPOL Compounding
      HEXPOL offers a unique selection of High Performance Elastomers to match your application requirements
      Sponsored By HEXPOL Compounding
      It’s what you can’t see that makes the Difference at HEXPOL
  • Blogs
    • Products
    • Wacky World of Rubber
    • New Products: MonTech adds to LP 3000 lab press lineup with custom options
      New Products: 3M rolls out new silicone adhesive for medical use
      GRI gains OE fitment for KION Group forklifts
      New Products: Hexpol develops new salt-water hydrophilic waterstops
    • Wacky World of Rubber: How Trelleborg, teens sealed a spot in the world record book
      Wacky World of Rubber: Of chicken and feet, but not chicken feet
      Wacky World of Rubber: Time to go mattress shopping
      Wacky World of Rubber: Because nothing says football like 'frunk' shrimp
  • Newsletters
    • Rubber in Automotive
    • Silicone News
    • Latex News
    • Sign Up for Newsletters
    • GM, LG Chem to build batteries in Tennessee by 2023
      Goodyear goes retro for 'Throwback' NASCAR race at Darlington Raceway
      Experts seek to address connected-, autonomous-vehicle energy consumption
      OUR VIEW: Big ideas power big technological leaps
    • Smithers ramps up with Suzhou testing facility
      5 for 50: Bruce Meyer's five most memorable work trips
      AirBoss unveiling high heat-resistant EPDM
      Evco Plastics buys Georgia plant to add LSR, white room molding
    • Meyer: Sunflowers seek their due
      World Rubber Summit to be virtual this year
      Synthomer launches Asia innovation center in Malaysia
      Sunflower rubber research expands with new funding
  • Multimedia
    • Videos
    • Photo Galleries
  • Directory
  • Resources
    • Classifieds & Mold Mart
    • Sponsored Content
    • White Papers
    • HB Chemical
      Sponsored By HB Chemical
      The HB Chemical and Ravago Partnership: Taking Customer Service to a New Level
      Sponsored By HB Chemical
      Above and Beyond with HB Chemical
      Sponsored By HB Chemical
      The Company Behind the Inventory
      Sponsored By French Oil Mill Machinery
      Process Improvement, Cost Reduction with Custom Press Systems
    • Sponsored By AirBoss
      AirBoss introduces next-gen EPDM compound: HeatBoss EPDM
      Sponsored By Uncountable Inc.
      Labs of the Future: How to Choose a Laboratory Information Management System in 2021
      Sponsored By Uncountable Inc.
      Cooper Standard deploys lab informatics platform to synchronize R&D
      Sponsored By Elkem
      LSR Select™: A solution to improve your financial impact in molding applications
  • Data
  • Events
    • RPN Events
    • RPN Livestreams/Webinars
    • Industry Events
    • Past Events
    • ITEC Library
    • International Silicone Conference Library
    • 2021 Healthcare Elastomers Virtual Edition
      2021 Rubber in Automotive Virtual Edition
      2021 International Latex Conference Virtual Edition
      2022 ITEC
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
May 10, 2004 02:00 AM

Titan returns to black in first quarter

Brad Dawson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    After six years of tough financial times brought on by an unforgiving economy and bitter labor disputes, Titan International Inc. has reached its goals of profitability and a rising stock price.

    The Quincy-based tire and wheel maker reported net profits of $5.3 million, or 25 cents per share, in the first quarter, and posted its highest quarterly operating income since 1998, the company announced April 29.

    On May 5, Titan's common stock price hit a peak of $8.85 per share, its highest level since Oct. 20, 1999. The stock closed May 6 at $8.75.

    The stock hasn't been in double digits since Oct. 6, 1999.

    Titan's first-quarter earnings figure compare with a net loss of $5.9 million posted in the like period of 2003. The firm's operating income reached $11.8 million, up from a $1.7 million loss last year, and the most reported by Titan since the second quarter of 1998.

    The company had net sales of $167 million for the quarter, a 29.4-percent surge over the 2003 period. Titan hasn't reported an annual profit since 2000, when it posted net earnings of $4.5 million.

    Beginning in the second quarter, the operating results of Titan Europe P.L.C. won't be consolidated with those of Titan International. Titan Europe-still 30-percent owned by Titan International-was admitted to trading as a separate public company on London's AIM market on April 7.

    The Titan Europe sale brought Titan International about $61.8 million, the company said. Titan used $26.4 million of the funds to pay down senior bank debt and $15 million to repurchase about 4.9 million shares of its stock owned by Citicorp Venture Capital Ltd.

    Manufacturing efficiencies resulting from facility consolidations in 2003, the strengthening of the agricultural and light construction markets, and the weak U.S. dollar compared with currencies in the United Kingdom, Europe and Japan contributed to the improved financial performance, Titan said.

    "We expect demand to continue near this level through the second quarter, followed by third- and fourth-quarter sales much stronger than is seasonally customary in the agricultural, construction and consumer markets," said Maurice Taylor Jr., Titan CEO and president. "The efficiencies implemented by Titan during the past few years have better positioned the company to maximize returns from operations in the future."

    Titan is doing all its in-house production at its Des Moines, Iowa, facility. It permanently closed its Natchez, Miss., site and its Brownsville, Texas, plant was mothballed in May 2003.

    Despite the favorable economic conditions and successful consolidations, Taylor gave the bulk of the credit for Titan's first-quarter resurgence to the company's salaried and hourly employees.

    "We've been in the sewer a long time, but we popped out of it in big fashion," he said. "No question it's due to the effort of the people here. We have a super working force."

    Taylor's attitude has changed since 1998, when the unionized work forces in Des Moines and Natchez went on strike and stayed out for more than three years. The labor disputes, the early 2000s recession and horrible conditions in the agricultural and construction equipment markets hurt Titan, as the company posted losses of $30 million-plus in 2001-03.

    But Taylor expects the farm and construction markets to strengthen through 2005, and the union work force in Des Moines is under contract into 2006. Titan's $240 million racketeering lawsuit against the United Steelworkers of America, which stems from alleged activities against the company during the strikes, is still pending, with a 2005 court date looming.

    Titan's stock has made a solid turnaround in the past year as well. Last March, the New York Stock Exchange notified the company it had six months to stabilize its common stock price because it had fallen below $1 per share.

    The price climbed slowly and reached the $1-per-share level for good on June 10, 2003. After the cure period ended in September, the stock continued to grow, reaching $3 in December and $5 in February. The price jumped in April, rising from the mid-$5 range into the high $6 range, then gaining more than $1 in one day to $7.95 per share on April 29, the date of the first-quarter earnings announcement.

    Letter
    to the
    Editor

    Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber & Plastics News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber & Plastics News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    web
    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Contact the Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • Silicone
      • Latex
      • Coronavirus
      • Executive Action
      • Government/Legal
      • Opinion
      • Technical Notebooks
      • Women in Tire & Rubber
      • ITEC
      • International Elastomer Show
      • HEXPOL Sponsored Content
    • Blogs
      • Products
      • Wacky World of Rubber
    • Newsletters
      • Rubber in Automotive
      • Silicone News
      • Latex News
      • Sign Up for Newsletters
    • Multimedia
      • Videos
      • Photo Galleries
    • Directory
    • Resources
      • Classifieds & Mold Mart
      • Sponsored Content
      • White Papers
    • Data
    • Events
      • RPN Events
      • RPN Livestreams/Webinars
      • Industry Events
      • Past Events
      • ITEC Library
      • International Silicone Conference Library
    • Advertise
    • DIGITAL EDITION