QUINCY, Ill.—Titan International Inc.'s net earnings plummeted 47.3 percent to $23.2 million for the second quarter, despite a 29.2-percent surge in sales to $593.3 million, compared with the year-ago period.
Sales were bolstered about 38 percent from recently acquired entities, including $154.4 million at Titan Europe.
Net profits for the first half dropped 46.3 percent to $42.7 million while sales rose 27 percent to $1.17 billion, compared with the year-ago period.
The Titan Europe acquisition helped boost first-half sales about 36 percent, but the increase was offset by a price/mix reduction resulting largely from lower raw material prices that were primarily passed on to customers, decreasing sales by about 8 percent, and unfavorable currency translation which decreased sales by about 1 percent, the company said. There is also excess supply of product, according to Titan.