Revenue Declines at Titan International

Wheel and tire maker Titan International reported a 3.5 percent drop in revenue in its first quarter, which was driven by sales decreases in its major business segments, including agriculture, earthmoving and construction and consumer.

Titan management said net sales would have increased nearly $10 million year-over-year on a constant currency basis.

The company reported revenues in agriculture were down by –1.3 percent. Lower sales volumes contributed 2.5 percent of the decrease in agricultural net sales, while unfavorable currency translation, primarily in Latin America and Europe, further decreased net sales by 5.7 percent. Favorable price/mix partially offset these decreases with a 7 percent positive impact on net sales.

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