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1ST QUARTER: TITAN INTERNATIONAL'S SALES UP 18%, REPORTS $13.6M PROFIT
Titan International reports:

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Quincy, IL - Titan International, Inc. (NYSE: TWI), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported results for the first quarter ended March 31, 2021.

Net sales for the first quarter of 2021 were $403.5 million, compared to net sales of $341.5 million for the first quarter of 2020, representing a $62.0 million, or 18.2 percent, increase. On a constant currency basis, net sales for the first quarter 2021 would have been $409.3 million. Net income applicable to common shareholders for the first quarter of 2021 was $13.6 million, equal to income of $0.22 per basic and diluted share, compared to a loss of $25.5 million, equal to a loss of $0.42 per basic and diluted share, in the first quarter of 2020.

"The positive momentum we highlighted during our most recent earnings release in March has continued and has increased further over the past couple of months," stated Paul Reitz, President and Chief Executive Officer.

"The first quarter of 2021 was our strongest quarter since the first half of 2018 with net sales over $403 million and adjusted EBITDA above $26 million. These results are on the high side of our Q1 outlook. The strong recovery we began to see in our global Ag markets in the fourth quarter has now accelerated and includes additional demand within our earthmoving and construction (EMC) businesses beyond our initial expectation at this point in the year. During the first quarter of 2021, Ag and EMC experienced volume increases over 15 percent and 19 percent respectively. These market dynamics, as well as our continued cost discipline emphasized over the last year, led to a gross margin percentage of 13.2% representing a 450 basis point improvement from last year's first quarter.

"Based on a number of positive factors in the Agricultural sector, including higher crop prices, low inventory levels for new and used equipment, strong farmer income, and the age of existing equipment, we believe that the current market trends experienced in Q1 will continue, and in some cases even improve throughout 2021 into 2022. We are taking the necessary steps in managing the workflow and operational levels at all of our production facilities to meet existing demand along with the future needs of our customers. Titan has a long history of being flexible to adjust to changing markets with impressive depth in our production capabilities and we continue to hire and train people to meet this growing demand.

"Many companies around the world are facing supply chain and logistics shortages, but we are managing well to this point, due to well-coordinated supply chain management that requires continuous attention and action. At the same time, we have been and will continue to take, appropriate pricing actions to cover the rising costs of raw materials, labor and logistics. The second quarter will likely be much of the same, with volatility, but we are up to the task of managing through the opportunities and the challenges in front of us. Due to this volatility, it is prudent to hold back on providing specific guidance for the remainder of the year, and we will address this as we progress through the year.


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