QUINCY, Ill. (Oct. 27, 2011)—Titan International Inc.'s third quarter net profits quintupled on a 79-percent rise in sales to $398.8 million, largely on added revenues from Titan's purchase in April of Goodyear's Latin American farm tire business.
The results are counter to what Maurice Taylor Jr., Titan CEO and chairman, termed as normally the firm's weakest quarter. He has predicted Titan will achieve pretax operating earnings of up to $200 million this year on sales of $1.4 billion.
Net income for the third quarter was $21.2 million and income from operations was triple that of a year ago at $41.3 million, the company said.
Net income for the nine months was up more than fourfold to $43.7 million on sales of $1.08 billion.
Taylor said the firm's backorders are the largest Titan has ever had—a situation that will require the hiring of “many more” employees in the next few months. Titan has hired hundreds of employees in recent months, including those on long layoffs, which have had to be trained for skilled jobs.