Titan 2011 sales, earnings outlook revised
As he prepares for a conference call on May 23 to discuss his company’s first quarter 2011 results, Titan International chairman and CEO Morry Taylor, offered a revised outlook for the remainder of the year.
“As everyone is aware, the first quarter of 2011 was Titan’s best quarter ever,” said Taylor. “The agriculture segment remains strong and earthmoving and construction continues to improve. I am revising my sales projections for 2011 to be $1.20 billion to $1.35 billion for 2011. Titan’s revised EBITDA goals for 2011 range from $130 to $155 million.
“The revised goals include an increase in North America revenue and also include sales from Central and South America since the closing (Titan’s purchase of) the Goodyear farm tyre business in those regions. The South American facilities in Sao Paulo, Brazil, provide many opportunities for growth. We believe that over the next 18 months we will surpass sales revenue of $400 million.
“Given our consolidated sales level in 2010 of $887 million, the lower range of our revised 2011 goals assumes an increase of approximately 35 per cent. The upper range of our goals projects an increase of approximately 52 per cent,” Taylor continued. “These new goals have been given to Titan’s management team and we believe they are attainable and we look forward to accomplishing these milestones. Titan’s future looks bright as we continue to focus on our current locations while we pursue our global vision. We will hopefully complete more acquisitions this summer, which could increase these above ranges yet again, especially into 2012.
“As I stated after the first quarter, as long as we stay with our core business, we believe we can keep adding to our product range worldwide. Production has been increasing at all of Titan’s factories in North America and we are adding new employees. We expect this trend to continue through 2012.” (Tire Review)