2011 a ‘record year’ for Titan
Titan International has recorded a record fourth quarter and full-year 2011. The US firm says its year to date 2011 sales were the highest in company history and increased 69 per cent year-on-year to US$1.487 billion. Gross profit for 2011 amounted to $232.1 million, or 15.6 per cent of net sales, a year-on-year rise of 123.0 per cent. Net income for the year was $58.2 million, compared to a loss of $5.9 million during the 2010 financial year. Fourth quarter results tell a similar story: Sales during the three months to 31 December came to $402.9 million, up from $232.7 million in the fourth quarter of 2010. Income from operations increased from $16.2 million in the final quarter of 2010 to $58.5 million in the fourth quarter of last year.
“2011 has been a great year for Titan International,” commented Titan International chairman and CEO Maurice Taylor. “Titan has not only made a number of acquisitions but, internally, we have strengthened our management teams for continued growth. Projections for the farm tyre and wheel business are double digit growth. Titan’s mining and construction business is expected to grow by triple digits. This growth will come from our current offering of products and newly designed tyres and wheels. We will spend approximately $55 million in 2012 on new equipment, moulds and dies at our current facilities to achieve these goals. I believe that each quarter will set records over prior quarters in 2011.
“We are actively pursuing potential acquisitions and have a plan not only to grow our business but to improve our margins through greater manufacturing efficiencies as factories’ utilisations grow,” Taylor continued. “We are driven to increase Titan’s market share in every segment that Titan competes in 2012. It is Titan’s goal not only to manufacture the lowest cost product, but also to have the best wheels and tyres in the world and the best service. All the hard work from all Titan’s employees will continue to show in our numbers as we continue into 2012.”