Titan Announces Q2 Earnings

Titan International, Inc. reported 2nd quarter 2024 financial results which continued to reflect a difficult macro environment in most of its end markets. Net sales for the 2nd quarter were $532.2 million compared to $481.2 million in the prior year period. The increase was primarily due to the Carlstar acquisition in which the 2nd quarter was the first full quarter of recognizing Carlstar revenues. Revenues declined in the agricultural and earthmoving/construction segments where lower levels of end customer demand occurred due to macro issues including major economic softness in Brazil.

The Agricultural segment showed the largest sales decline at 19.6% with sales of $216.3 million compared to $269.1 million in the prior year period. The sales decline was primarily due to significantly reduced global demand for agricultural equipment, particularly in North America and Brazil. High interest rates continue to negatively affect large equipment purchases.

Source: Finance.Yahoo.com