Titan International Inc. (NYSE: TWI):
First quarter highlights:
- Sales for first quarter 2012 were $463.1 million up 65 percent, compared to $280.8 million in the first quarter of 2011.
- Gross profit increased 66 percent for first quarter 2012 to $93.4 million, or 20.2 percent of net sales, compared to $56.3 million in 2011, or 20.0 percent of net sales. Gross profit excluding the Latin American business was $84.9 million or 22.8 percent of net sales for the first quarter 2012.
- First quarter income from operations was $58.7 million up 118 percent, compared to $26.9 million last year.
- Adjusted net income for the first quarter was $40.5 million, compared to $18.7 million in the first quarter of last year (see table and appendix below).
Statement of Chief Executive Officer:
Chairman and CEO, Maurice Taylor states, “The first quarter 2012 was another record quarter in sales, net profit, EBITDA, etc. The order book is filled for the year and we must keep increasing our output. Farming, construction and earthmoving and mining are all very strong and we expect 2012 to be another year of growth. The dynamics in agriculture are changing around the world and are positively impacting the demand for machinery in the industry. Prices for metals, oil and gas prices in the Earthmoving and Mining markets are expected to remain at attractive levels to support strong demand.”“In this past quarter there were some bloggers who were concerned over inventory and the auto supply industry. Titan International is not in the auto supply business, but we are in the OTR tire and wheel business. Titan builds to order. We do not estimate or forecast future business. If the orders were cancelled, we would have extra raw materials, but most raw materials would be processed in 30 days.”