Titan International, Inc. Results

Titan International, Inc. has reported net sales for the first quarter ended March 31, 2022, were $556.0 million, compared to $403.5 million in the comparable quarter of 2021, an increase of 37.8%.  

The net sales increase was across all segments and driven by price/product mix and volume, with price having a greater impact due to rising raw material costs and other inflationary impacts in the markets, including freight.  The contributing factors to the increase in demand were increased commodity prices, improved farmer income, replacement of an aging large equipment fleet, and lower equipment inventory levels.  The increase in net sales was offset by unfavorable foreign currency translation of 4.4% or $17.7 million. 

Income from operations for the first quarter of 2022 was $44.7 million, or 8.0% of net sales, compared to an income of $14.2 million, or 3.5% of net sales, for the first quarter of 2021. 

Source: Titan Release