Titan Releases 2Q14 Results

Titan International, Inc. announced its second quarter revenue and performance results. Sales for the quarter were $523.7 million, down 11.7% from 2Q13, and gross profit fell to $22.6 million, down 74.0%.

Adjusted net income for the second quarter was $1.7 million, compared to $13.7 million for the same period last year. Loss from operations in the second quarter was $29.5 million, versus $36.9 million last year.

“Our second quarter results show that, while there are areas of strength, the overall business is impacted by slower demand, said CEO and Chairman Maurice Taylor. “Demand for our agriculture, earthmoving and mining products have declined as a result of the uncertainty in the markets.”

In July, Titan signed a 10 year agreement with Suncor to recycle used OTR tires into bio oil, carbon black and steel. Titan will continue to expand its mining service business in efforts to grow its tire, wheel and track business, Taylor said.

Titan International — Association member since 1958; titan-intl.com  S