Titan International Sales, Profits Down Y-o-Y - Tire Review

Titan Sales, Profit Down

Titan International saw a decrease in sales and gross profit for 2014.TITAN INTERNATIONAL LOGO

The tiremaker reported a 12% decrease in sales year over year to $1.895 million. The company also reported a gross profit of $140.6 million for 2014 versus $295.2 million for 2013.

Titan’s biggest challenges for business sales were in the agriculture, construction and mining sectors, according to Maurice Taylor, CEO and chairman of Titan International.

He noted that mining demand was slow all year. While the 100hp and under sector has increased for agriculture OEMs, the sales margins for this segment are much lower than for the big iron segment, which has been cut, Taylor said. Additionally, construction has been steady but hasn’t reached the levels experience during 2007, and prices are lower due to over supply, he said.

Additionally, currency issues impacted numbers, according to Taylor.

“The currency change really hit in the third and fourth quarters because the entire inventory dropped in price and so did the receivables. Just look at the ruble; it was 30 to 1 near the end of 2013 and now it is at 60 to 1,” he said.

Despite challenges in 2014, Taylor is optimistic about the coming years.

“Titan is lean and ready to go in 2015,” he said. “My EBITDA goal for 2015 is approximately $115 million. I know someone will ask when the company will get to $200 million. The answer to that is simple – I believe that this will happen when sales get back over $2 billion. I don’t know when that will happen, but I do believe 2015 and 2016 are years for growth.”

You May Also Like

TBC Corp. names COO for TBC Brands, TBC International

Bill Schafer brings 30 years of experience from Michelin, where he held various leadership roles during his tenure.

Bill-Schafer-TBC

TBC Corporation appointed Bill Schafer to the role of chief operating officer for TBC Brands and TBC International. Schafer will report directly to TBC Corporation’s President and Chief Executive Officer, Don Byrd, and will oversee all TBC Brands and TBC International sales initiatives, including customer service, commercial tire sales, equipment and non-tire sales, and operations, according to TBC.

Trelleborg to demonstrate its Brawler solid tire line at WasteExpo 2024

The Brawler range includes both press-on and mold-on tires for wheel loaders, skid steers, material handlers, excavators and telehandlers.

Trelleborg-tires@WasteExpo-2024
Schaeffler Group USA expands product portfolio

Seventy new parts have been added to the INA, LuK and Schaeffler Bearings.

Schaeffler-70-new-parts
GT Radial achieves double podium finish at Formula Drift Championship

GT Radial driver Simen Olsen of Norway claimed second place, while Aurimas “Odi” Bakchis of Lithuania finished third.

GT-Radial-Formula-Drift
Chapel Hill Tire introduces nine-month leadership program

The company said its program aims to boost productivity through time management and workforce management techniques.

Chapel-Hill-Tire-New-Location-1400

Other Posts

SRNA promotes Wayne Horne to strategic account manager

Horne has been a part of SRNA for nearly eight years and held various roles throughout his tenure, starting in customer service.

SRNA-Wayne-Horne
Yokohama Rubber donates to Eastern Taiwan earthquake relief

Through its Yokohama Magokoro Fund, Yokohama Rubber will donate a combined ¥1 million (approx. $6,380).

donate-stock
Continental acquires mold specialist EMT for commercial and specialty tires

With the acquisition of EMT, Continental said it can independently produce tire molds for all applications if required.

continental_pp_tiremold
TBC Corp. employee children enjoy ‘Take Your Child to Work Day’

The kids had a jam-packed day learning about tires, and even ate lunch with the company’s new CEO, Don Byrd.

TBC-Bring-Kids-to-Work-Day-CEO-1400