Titan International, Inc., recorded the strongest quarterly operating performance it has seen since 2013. The results were for the three months ending June 30.
Net sales for the quarter increased by 53.3 percent, driven by increases in the agricultural and earthmoving/construction segments.
Overall, net sales volume and product price and mix were up 33.2 percent and 17.2 percent, respectively, from the same quarter last year.
The company said that despite the continuing supply chain and labor challenges, end markets are “buoyant, with strong fundamentals present for a sustained runway for elevated activity through this year and beyond.”
Ag dealer inventories remain tight. Used and new equipment pricing continues to increase. And, the overall large equipment fleet is aged, Titan said in its earnings report.
The company sees momentum in large farm products. Orders have increased throughout the quarter and should keep moving in a further positive direction, because the big equipment market is “still roughly 25 percent below long-term averages.”
Source: Titan International
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