QUINCY, Ill. (July 30)—Titan International Inc. posted net income of $5.6 million on sales of $121.2 million for the second quarter, its second consecutive profitable period, the company reported July 30.
Titan's net profit for the quarter was a big improvement on the like period of 2003, when it posted an $8.2 million loss. Sales were down 7.5 percent from the $131 million posted in the second quarter of 2003, but increased 28.9 percent from the $94 million pro forma, adjusted to reflect the April public sale of Titan Europe.
Net sales for the first half of 2004 were $288.2 million, up from $260.0 million for the first half of 2003. The company reported net profits of $10.9 million for the first six months of 2004, up from a $14.1 million net loss last year.
"The first half of 2004 has shown solid progress for Titan and the strength of our order book is evidence of our customers' preference for Titan products," said Maurice Taylor Jr., Titan president and CEO. "This was the right time to secure Titan's refinancing and position the company to take advantage of growth opportunities. The outlook through 2005 is positive and Titan is prepared to meet these challenges."