Agriculture, earthmoving tires spur Titan sales

qiangzi

Friday, July 27, 2012

Quincy, IL - Titan recorded sales of $459.2 million for the second quarter of 2012, compared to second quarter 2011 sales of $404.4 million. The higher sales levels were the result of increased demand in the company’s agricultural and earthmoving/construction segments combined with price/mix improvements. Net sales for the first half of 2012 were $922.3 million, compared to $685.3 million in the first half of 2011. For the second quarter of 2012, gross profit was $82.1 million or 17.9 percent of net sales, compared to $64.3 million or 15.9 percent of net sales for the second quarter of 2011. The increase in gross profit was related to cost leveraging and productivity gains on the higher sales volumes and select price increases on certain products that exceeded the increase in raw materials. Year-to-date gross profit was $175.4 million, or 19 percent of net sales for 2012, as compared to $120.6 million, or 17.6 percent of net sales for 2011. For the second quarter of 2012, income from operations was $81.0 million, or 17.6 percent of net sales, compared to $44.4 million, or 11 percent of net sales, in 2011. Year-to-date income from operations was $139.6 million or 15.1 percent of net sales in 2012, compared to $71.3 million, or 10.4 percent of net sales in 2011.