Titan International Sees Dip in Sales

Titan International, Inc., reported a roughly 9 percent decline in net sales for the quarter ended June 30. Net sales for the first six months of 2019 declined by just over 6 percent compared to 2018. These comparisons were not made on a constant currency basis.

“Our second quarter results reflect a continuation of the difficulties we faced in the first quarter from the global tariff battles and challenging farming conditions in the U.S. as we experienced declines in our sales and margins,” said Paul Reitz, president and CEO. “All you have to do is spend a little time driving around the Midwest to see how tough things are for farmers right now. Much of the second quarter from an ag perspective was dominated by news involving bad weather, local flooding, prevented planting, poor crop conditions, negative farmer sentiment, and of course the ongoing trade battle. All this has created short-term uncertainty that has significantly impacted demand within the aftermarket and certain OEMs. It is important to note, however, that we did not see a decline in our market share during this period, and we believe our positioning with customers remains strong.”

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Source: Nasdaq