1 year, 1 month ago by Scott Hardy
Highest quarterly sales in 8 years
A multi-national tire and wheel manufacturer founded in Quincy has reported higher-than-expected earnings for the 1st quarter of this year.
Titan International Monday reported net sales for the quarter ending March 31st were $556 million. That's up by nearly 38 per cent, or over $152 million from last year. Titan's gross profit for the 1st Quarter was nearly $87 million, up by $23 million from last year. Paul Reitz, Titan International President and Chief Executive Officer, says that they had their strongest sales quarter in nearly nine years. He said in a statement that in March, he described market dynamics for 2022 as a "tidal wave", and he says that he expects that trend to continue through the year and beyond. Reitz also says that based on the first quarter and expectations for the current quarter, Titan expects their full-year net sales to be above $2.1 billion.
Titan has a manufacturing plant in Quincy.
