Titan Releases Results,Touts Tire Exchange Program

Titan International has reported second quarter results. Net sales for the quarter ended June 30 were $376.1 million compared to $523.7 million in 2014, a 28% decrease. Overall sales experienced reductions in volume of 11% and price/mix of 7% as the agricultural market remains in a cyclical downturn.

CEO and Chairman Maurice Taylor said the quarter results show Titan's strategies are working.

"Titan's agriculture, mining, construction and consumer businesses are all down. Overall sales are off over 25% year over year, yet we have been able to improve our operating margin rate performance. Titan's liquidity remained stable during the quarter, with both cash and debt balances similar to Q1. This demonstrates we are on the right track."

Taylor also said the company was in discussions with equipment dealers to offer a program by which traditional tires/wheels are exchanged for new LSW® technology.

"We believe this program will potentially drive customer loyalty and ultimately improve their bottom line," he said. "A movement is building whereby our end customers will purchase their equipment without tires/wheels, and acquire the LSW® technology separately, for the equipment enhancements and potential tax benefits."

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