QUINCY, Ill. (Oct. 29)—Tire and wheel maker Titan International Inc. reported earnings and sales increases during the third quarter.
The company posted net income of $1.48 million on net sales of $116.5 million, up from a loss of $13.4 million on sales of $111.2 million in the third quarter of 2003, Titan reported Oct. 29. The quarter was the third consecutive three-month period in which it reported a net profit.
Through nine months, Quincy-based Titan posted net income of $12.4 million on sales of $404.7 million, compared to a net loss of $27.4 million on sales of $371.2 million in 2003.
Maurice Taylor Jr., Titan CEO and president, credited the company's commitment to product innovation, manufacturing efficiencies and focused sales leading to the period's profit, especially considering the third quarter of the year typically is negatively impacted by seasonal equipment manufacturer shutdowns.
"Many of our customers are still forecasting sales growth through 2005, and Titan is ready to meet the wheel and tire needs of the agricultural, construction and consumer industries," Taylor said. "The refinancing of the company's debt allowed us to secure extended terms through 2009, ensuring the continued financial strength of Titan."