QUINCY, Ill.—Titan International Inc. reported improved earnings for fiscal 2012 despite losses in the fourth quarter associated with the takeover of full control of the Titan Europe P.L.C. business.
Fiscal 2013 is starting off strong in the farm and mining sectors, Chairman Maurice Taylor Jr. said, and even the construction sector in the U.S. "is starting to show a little strength." He did not disclose specific forecasts for 2013, however.
For the year, Titan reported net income rose 64.3 percent to $95.6 million, or 5.3 percent of sales. Operating profits increased 31.9 percent to $174.7 million on a 22.4-percent increase in sales to $1.82 billion.
Titan attributed gains in its profit margins to productivity gains on the higher sales volumes and select price increases on certain products that exceeded the increase in raw material costs, as well as sales mix changes to larger products that generally carry higher margins.