Titan International, Inc. has reported results for the second quarter ended June 30, 2022.
The company experienced sales growth of 31% from the second quarter last year and sales grew sequentially 3% from the first quarter to the second quarter. This performance was buoyed by strong financial performance across all parts of the business as our Titan team keeps running hard like a good, long-distance marathoner.
Results of Operations – Net sales for the second quarter ended June 30, 2022, were $572.9 million, compared to $438.6 million in the comparable quarter of 2021, an increase of 30.6 percent. The net sales increase was across all segments and driven by a variety of factors, most notably healthier market conditions, while there was an unfavorable impact from foreign currency translation of 2.7 percent or $11.9 million, primarily due to the weakening euro currency.
Gross profit for the second quarter ended June 30, 2022 was $109.7 million, compared to $61.5 million in the comparable prior year period. Gross margin was 19.1 percent of net sales for the quarter, compared to 14.0 percent of net sales in the comparable prior year period. The solid growth in gross profit and margin during the second quarter as compared to the prior year period was across all segments and was driven by the impact of increases in net sales, as described previously, and better overhead absorption in our production facilities. In addition, cost reduction and productivity initiatives continue to be executed across global production facilities.