Titan acquisitions boost sales
QUINCY, Ill.-Titan International Inc. posted double digit gains in sales for the fourth quarter and year in 2006 on contributions from its farm and off-the-road tire acquisitions, but the firm lost ground on earnings.
Titan's quarterly sales rose 71.4 percent to $165.6 million from $96.6 million the previous period. For the full year, sales rose 44.5 percent to $679.5 million from $470.1 million in 2005. Quincy-based Titan attributed the gains to the expanded product offering from its purchase of Goodyear's North American farm tire business and Continental Tire North America Inc.'s Bryan, Ohio, OTR tire plant.
Despite the sales gains, Titan posted a net loss in the fourth quarter of $9.54 million compared with a net loss of $5.54 million for the prior period.
The firm had earnings of $5.14 million for the full year, down from 2005's net income of $11 million.