Titan International, Inc. Reports Earnings Results for the Second Quarter Ended June 30, 2021
July 29, 2021 at 06:08 am
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Titan International, Inc. announced earnings results for the second quarter ended June 30, 2021. For the second quarter, the company announced sales was USD 438.639 million compared to USD 286.133 million a year ago. Operating income was USD 23.719 million compared to operating loss of USD 3.101 million a year ago. Net loss was USD 2.773 million compared to USD 5.045 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to USD 0.08 a year ago. For the half year, sales was USD 842.157 million compared to USD 627.633 million a year ago. Operating income was USD 37.950 million compared to operating loss of USD 12.704 million a year ago. Net income was USD 10.801 million compared to net loss of USD 30.531 million a year ago. Basic earnings per share from continuing operations was USD 0.18 compared to basic loss per share from continuing operations of USD 0.5 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to diluted loss per share from continuing operations of USD 0.5 a year ago.
Titan International, Inc. is a global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. The Company's segments include agricultural, earthmoving/construction and consumer. Its agricultural wheels, tires, and components are manufactured for use on various agricultural equipment. The earthmoving/construction segment manufactures wheels, tires, and undercarriage systems and components for various types of off-the-road (OTR) earthmoving, mining, military, construction, and forestry equipment, including skid steers and aerial lifts. The consumer segment manufactures bias truck tires in Latin America and light truck tires in Russia. The Company also offers select products for ATVs, side-by-sides, rock climbers, turf, and lawn and garden. This segment also includes custom rubber stock mixing sales to a variety of OEMs in tangential industries. It manufactures and sells certain tires under the Goodyear Farm Tire, Titan Tire and Voltyre-Prom Tire brands.