6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Titan International, Quincy, IL, (NYSE: TWI) reported sales for the fourth quarter 2011 of $402.9 million, up 73 percent from the prior-year period. For the year, sales were $1.5 billion, up 68 percent from 2010.
Higher sales levels were primarily the result of increased demand and pricing/mix improvements which resulted largely from increased raw material prices passed on to customers.
In addition, sales increased as the result of the April acquisition of the Goodyear Latin American farm tire business including the Sao Paulo, Brazil manufacturing facility which recorded sales of $276.5 million for the year ended Dec. 31, 2011.
Profit was $14.5 million for the fourth quarter of 2011, as compared with a net loss of $16.6 million in fourth quarter 2010. Year-to-date 2011, profit was $58.2 million.
Titan International owns subsidiaries that supply wheels, tires and assemblies for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications.