QUINCY, Ill. (Oct. 31, 2007) — Titan International Inc. reported a loss in the third quarter despite setting quarterly and nine-month sales records.
The farm tire and wheel manufacturer had a net loss of $878,000 for the three months, compared with profits of $488,000 a year earlier. Sales advanced 25 percent in the quarter to $195.5 million.
For the nine months, the company reported net earnings of $1.6 million, down from $14.7 million in the 2006 period. Sales rose 23 percent to $632 million, and the company predicted it will set a sales record for the year. Titan's biggest year for revenues was 1997, when it posted $690 million in sales.
Maurice Taylor Jr., Titan chairman and CEO, said third quarter sales were "great," and that with previously announced price increases in place, the company expected operating profit margins to improve.