QUINCY, Ill. (April 28)—Tire and wheel manufacturer Titan International, Inc. achieved record first quarter net income of $11.2 million, more than double the $5.3 million posted in the like period in 2004.
The company reported net sales of $136.1 million in the quarter. Net sales for the first quarter of 2004, excluding Titan Europe sales, were $117.5 million, while total 2004 first quarter net sales were $167 million.
Titan sold the majority interest of its Titan Europe operations in April 2004 as part of a public spinoff.
Maurice Taylor Jr., Titan president and CEO, said the quarter was outstanding, and credited the continued strength of the agricultural and construction equipment markets and the corresponding tire and wheel demand for the improved sales figures.
Titan announced Feb. 28 its intention to buy Goodyear´s farm tire business, a transaction anticipated to close in the second quarter. The company expects the acquisition to add about $225 million in annual revenues.