QUINCY, Ill. (April 26, 2012)—Titan International Inc. more than doubled its income from operations during the quarter ended March 31 on 64.9-percent higher sales.
Titan attributed its earnings improvement to gains in plant utilization rates and the benefits of increased sales. Roughly half of the revenue increase came from additional sales attributable to Titan's purchase of Goodyear's Latin American farm tire business in April 2011.
Income from operations shot up 117.8 percent to $58.7 million, while adjusted net income more than doubled to $40.5 million. Sales jumped to a record $463.1 million.
Maurice Taylor Jr., Titan chairman and CEO, said the firm's order book is filled for the year—he described farming, construction and earthmoving/mining demand as “very strong”—leading Titan to increase output, including expanded use of the mixing/compounding capacity at the Union City, Tenn., plant acquired last year from Goodyear