Titan International, Inc. recently reported results for the quarter ended March 31.
Net sales for the quarter increased by 18.2 percent. In agriculture, net sales increased by 20.7 percent and gross profit climbed by 112.4 percent.
President and CEO Paul Reitz said it was the strongest quarter the company has seen since the first half of 2018.
“The strong recovery we began to see in our global ag markets in the fourth quarter has now accelerated and includes additional demand within our earthmoving and construction (EMC) businesses beyond our initial expectation at this point in the year,” he said. “During the first quarter of 2021, Ag and EMC experienced volume increases over 15 percent and 19 percent respectively.”
Reitz said he expects upward trends in the agricultural sector to continue, “and in some cases even improve throughout 2021 into 2022.”
The report said OEM forecasts from the fall calling for 5 percent growth in the ag market were too modest.
“Today their forecasts are much higher and likely will go higher as their order books are full and beyond their production levels,” Titan officials said. With inventories low and demand on the rise, it could take as long as three years to catch up on certain equipment, the report said.
Source: PR Newswire | Member since 1958 | titan-intl.com