Titan International, recently reported results for its second quarter ended June 30.
Net sales for the second quarter were down by 26.7 percent from the same quarter last year. Overall net sales volume was down 24 percent due primarily to challenges in the earthmoving/construction market as a result of a slowdown of the global construction market, particularly in Europe.
In agriculture, net sales for the quarter were down 11.5 percent. For the first six months of 2020, net sales were down by just over 11 percent.
In a breakdown in ag sales for the quarter, Titan reported that lower sales volume in North America, Europe and Latin America contributed 8.4 percent of the decrease in net sales while unfavorable currency translation, primarily in Latin America, Europe and Russia, contributed 6.8 percent to the decline. Favorable price/mix increased net sales by 4.9 percent.
Source: Titan International |Member since 1958 | titan-intl.com