Titan International Inc. (NYSE: TWI):
Second quarter highlights:
- Sales for second quarter 2012 were $459.2 million up 14 percent, compared to $404.4 million in the second quarter of 2011.
- Gross profit increased 28 percent for second quarter 2012 to $82.1 million, or 17.9 percent of net sales, compared to $64.3 million in 2011, or 15.9 percent of net sales.
- Goodyear Latin American Truck Supply agreement termination income of $26.1 million was recorded in the second quarter due to the cancellation of the current supply agreement for non-farm tire products. The Company is no longer obligated to sell the products below market prices.
- Second quarter income from operations was $81.0 million up 82 percent, compared to $44.4 million last year.
- Adjusted net income for the second quarter was $28.8 million, compared to $23.7 million in the second quarter of last year (see table and appendix below).
- Adjusted earnings per share for the second quarter are $0.68 and $0.56 for basic and fully diluted respectively, compared to $0.56 and $0.46 for 2011, basic and fully diluted respectively.
Statement of Chief Executive Officer:
“The second quarter was a record for Titan, but it could have been even bigger,” announced Maurice M. Taylor, Chairman and CEO. “The order books are very strong. The tire group was affected by the record heat wave and it impacted our efficiency. The Bryan plant was also affected by the equipment being added to the plant for the capacity expansion. The work has been in process since the beginning of the year and will continue through the remaining of 2012. This capacity expansion should increase our output each quarter through the first quarter of 2013.