Titan International Net Sales Down 9.3% in 2016, Q4 Sales Nearly Flat
Titan International (NYSE: TWI), whose subsidiaries supply wheels, tires, assemblies, and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction, and consumer (including all-terrain vehicles) applications, has reported that net sales for the full year ended December 31, 2016, were $1,265.5 million, down 9.3 percent compared to $1,394.8 million in 2015.
Gross profit was $142.5 million, or 11.3 percent of net sales, for the year ended December 31, 2016, compared to $137.8 million, or 9.9 percent of net sales, for the year ended December 31, 2015.
Loss from operations was $(21.3) million, or (1.7) percent of net sales, for full year 2016 compared to $(24.3) million, or (1.8) percent of net sales, for 2015.
Basic and fully-diluted earnings per share for the full year 2016 were $(0.81), compared to basic and fully-diluted earnings per share of $(1.74) for 2015. Adjusted basic and fully-diluted earnings per share for the full year 2016 were $(0.63), compared to adjusted basic and fully-diluted earnings per share of $(0.13) for 2015.
Net sales for the fourth quarter of 2016 were $307.3 million compared to $307.8 million for the fourth quarter of 2015.
According to Maurice Taylor, Titan Chairman, “Titan has a new management team, headed by President and CEO, Paul Reitz, which understands what needs to be done to continue our improvements and we are moving ahead to make this happen. At the beginning of 2016, our management team discussed with the Board of Directors certain assets that Titan could consider for potential sale. These assets included our facility in Brownsville, Texas, our recently established business involving Titan Tire Reclamation Corporation (TTRC) in the oil sands, and our Italtractor ITM S.p.A. (ITM) undercarriage business, initially considered in connection with an unsolicited inquiry from a potential purchaser. At that time, Titan’s management believed we could receive more than an aggregate of $250 million for these assets.”
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