Titan Releases 2016 Numbers

Titan International’s net sales for the year ended December 31 were down 9.3 percent compared to 2015. Gross profit was 11.3 percent of net sales for the year compared to 9.9 percent for 2015.

Titan has a new management team, which is led by President and CEO Paul Reitz. Maurice Taylor, Titan chairman, said the new team “understands what needs to be done to continue our improvements, and we are moving ahead to make this happen.” That includes continuing to pursue a strategy to sell certain assets.

Reitz said that although the company’s sales “have continued to decline from our peak of $2.2 billion in 2013 to the current level of approximately $1.3 billion, we continue to be encouraged by the operating progress we have made.”

He said fourth quarter sales for 2016 were higher than third quarter sales “and relatively flat” in comparison to fourth quarter 2015. Despite similar sales levels in the fourth quarter in 2016 compared to 2015, gross profit increased and improved Titan’s gross margin percentage by almost 83 percent to 10.6 percent.

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