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Titan International Inc. (NYSE: TWI):
Third quarter summary:
Sales for third quarter 2012 set a record at $404.7 million, compared to $398.8 million in the third quarter of 2011.
Gross profit for third quarter 2012 increased 26.7 percent to $67.2 million, or 16.6 percent of net sales, compared to $53.0 million, or 13.3 percent of net sales in 2011.
Third quarter income from operations was $36.2 million, compared to $41.4 million last year.
Earnings per common basic share for the third quarter 2012 were $0.46, compared to $0.50 in 2011. Fully diluted earnings per common share for the third quarter 2012 were $0.39, compared to $0.42 in 2011. On an adjusted basis (see Appendix below), earnings per common basic share for the third quarter 2012 were $0.59 per share, compared to $0.34 in the third quarter of last year. Adjusted fully diluted earnings per share were $0.49 for the third quarter 2012, compared to $0.29 last year.
September 2012 year-to-date sales were $1,327.0 million, compared to $1,084.1 million in 2011.
September 2012 year-to-date gross profit increased 39.8 percent to $242.6 million from $173.6 million in 2011.
Income from operations increased 56.0 percent for the first nine months of 2012 to $175.8 million, compared to $112.7 million in 2011.
Earnings per common basic share year to date 2012 were $2.35, compared to $1.05 in 2011. Fully diluted earnings per share year to date 2012 were $1.92, compared to $0.89 in prior year. On an adjusted basis, earnings per common basic share for the nine months ended September 30, 2012 were $2.23 per share, compared to $1.37 for the same period last year. Adjusted fully diluted earnings per share year to date 2012 were $1.83 compared to $1.14 in 2011.
Statement of Chief Executive Officer:
“The most exciting news for the period is receiving shareholder acceptance to acquire Titan Europe Plc,” said Chairman and CEO, Maurice Taylor. “In fact as you read this, I am in Europe, at the closing of this transaction. We will be finalizing how we will restructure the company which we will own 100 percent. The increased global footprint creates strong opportunities for the future.