Titan International Inc. (NYSE: TWI):
Second quarter highlights:
- Sales for second quarter 2013 were $593.3 million up 29.2 percent, compared to $459.2 million in the second quarter of 2012.
- Gross profit increased 5.6 percent for second quarter 2013 to $86.7 million, or 14.6 percent of net sales, compared to $82.1 million in second quarter 2012, or 17.9 percent of net sales.
- Second quarter income from operations was $36.9 million compared to $81.0 million last year.
- Adjusted net income for the second quarter was $13.7 million, compared to $28.8 million in the second quarter of last year (see appendix below).
- Adjusted earnings per share for the second quarter 2013 are $0.26 and $0.24 for basic and fully diluted respectively, compared to $0.68 and $0.56 for 2012, basic and fully diluted respectively (see appendix below).
Statement of Chief Executive Officer:
Chairman and CEO, Maurice M. Taylor comments, "Titan continues to execute our business strategy through acquisitions and product innovation. Titan is making the focused investments needed to deliver the long term growth opportunities to the company. Titan is planning to close on the purchase of Voltyre-Prom, which is the leading producer of agricultural and industrial tires in Russia, no later than September 1, 2013. This acquisition will increase our international footprint and be Titan's base for other acquisitions in the CIS region. The South American farm tire market is getting stronger for Titan and we look to establish wheel manufacturing in the region to complement the tire offering in the coming year. Along with these strategic moves, we continue to tighten costs across the company."As a result of acquisitions, Titan will see record revenue in the second half of 2013. If the markets remain as they are, Titan will continue its growth similar to the last few years. As we grow the business, there has been a learning process involved in Titan's young management team, but they are improving each month. There is still work to be done to reduce our SG&A under 7 percent and we continue our efforts to lower these costs.
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