Titan International third quarter net sales up 57 per cent

Wheel and tire manufacturer reports $221m net sales.

Titan International, a wheels and tires manufacturer, has reported net sales of $222.81m for the third quarter ended 30 September 2010, an increase of 57 per cent, compared to $141.49m for the same period in 2009.

For the third quarter of 2010, Titan posted a net income of $4.01m, or $0.11 per diluted share, compared to a net loss of $11.11m, or $0.32 per diluted share, for the same period in 2009.

Titan posted a gross profit was $27.94m, compared to $3.03m for the same period in 2009.

For the nine months ended 30 September 2010, net sales were $648.92m, compared to $581.08m for the same period in 2009.

For the third quarter of 2010, the company posted a net income of $10.66m, or $0.3 per diluted share, compared to $1.83m, or $0.05 per diluted share, for the same period in 2009.

Gross profit was $87.93m, compared to $56.77m for the same period in 2009.

Chairman and CEO Maurice Taylor said that the farm demand has been strong and the market strength looks to continue. The earthmoving business is growing stronger each month and looks to continue this growth.

"As Titan continues to install the molds and equipment from the Denman Tire purchase, we should see a sales benefit as we move forward into 2011," Taylor said.

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