QUINCY, Ill.—Despite a drop in sales, Titan International Inc.'s net income, income from operations and gross profit rose in the second quarter.
Sales fell 28 percent to $376.1 million from those recorded in the like 2014 period, while gross profit increased more than two-fold to $51.1 million from $20.8 million; income from operations was $7.5 million, up from a loss of $29.5 million in last year's second quarter; and net income was $4.2 million, a significant step up from the $24.9 million loss last year.
“This past quarter, like the first, proves that what the management team has done in 2014 and thus far in 2015 is paying off,” said Maurice "Morry" Taylor, Titan CEO and chairman, in a statement.
The company's agriculture, mining, construction and consumer businesses are all down, he said. “Overall sales are off 25 percent year over year, yet we have been able to improve our operating margin rate performance. Titan's liquidity remained stable during the quarter, with both cash and debt balances similar to the first quarter.
“This demonstrates we are on the right track.”