Titan International Inc. (TWI), a global manufacturer of agricultural and other off-highway wheels, tires, assemblies, and undercarriage products, reported results for the fourth quarter and year ended Dec. 31, 2019.
Gross profit for the second quarter ended June 30, 2019, was $38.3 million, compared to $58.3 million in the comparable prior year period. Gross margin was 9.8% of net sales for the latest quarter, compared to 13.6% of net sales in the comparable prior year period.
Ag and construction equipment wheel and tire maker Titan International reported 3.5% fall off in revenue driven by sales decreases in each of its major business segments, including agriculture, earthmoving & construction and consumer.
The agricultural and industrial tire business unit of Sweden’s Trelleborg Group increased sales and profitability last year as it continued to integrate CGS business and its Mitas agricultural products acquired mid-way through 2016.
U.S. tire and rim maker Titan International is to pay $25 million in cash and issue $25 million in shares to satisfy a settlement put option exercised by one of two fellow shareholders in Voltyre-Prom, a Russian agricultural and industrial tire operation.
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