Titan releases Q3 results, hints at ‘opportunities on the horizon’

During the third quarter of 2013, Titan International recorded net sales of US$497.5 million, a 22.9 per cent year-on-year increase, while net sales for the first nine months of 2013 were $1,669.2 million, 25.8 per cent higher than during the same period of 2012.  Year to date sales increased approximately 35 per cent due to recent acquisitions, of which $432.0 million is attributed to revenue from Titan Europe. Third quarter gross profit came to $62.5 million, or 12.6 per cent of net sales, compared to $67.2 million, or 16.6 per cent of net sales for the third quarter of 2012.  Gross profit for the nine months ended 30 September 2013, was $245.9 million, or 14.7 per cent of net sales, compared to $242.6 million, or 18.3 per cent of net sales in 2012.

“The third quarter has come and gone,” reflected Titan chairman and CEO Maurice M. Taylor. “Ag has held steady, earthmoving and construction declined and further decreases in raw material prices have impacted margins. Some people will say the glass is half full; others say it’s half empty. I see the future for Titan as the best I’ve ever seen. Why? We have many opportunities on the horizon.”

This future, if The Financial Times reported it correctly, may involve the acquisition of several plants in European countries where Titan is currently active – that is, France, Germany, Italy, Spain and the UK. Titan International’s conference call, scheduled to start at 6pm GMT (2pm EDT), may shed further light on what Taylor has in mind for the off-road tyre specialist.