1 month ago by Scott Hardy
Blames excess inventory; says 2023 could be one the company's best years ever.
An international wheel manufacturer founded in Quincy has reported lower sales for the 3rd Quarter of this year.
Titan International Wednesday reported that net sales for the third quarter were just under $402 million. That's compared to nearly $531 million for the same quarter last year. Titan says that's blamed on a decrease in sales due to higher inventory levels in North and South America. The company's gross profit for the third quarter was just over $66 million, compared to over $87 million for the 3rd Quarter of last year. That's also blamed on lower sales. Titan President and Chief Executive Officer Paul Reitz said in a statement that Titan is set to finish 2023 with financial results that will "rank as one of the best years in Titan's history". Titan says that for 2023, they expect to have revenues ranging between $1.85 to $1.9 billion. The company also says that they were able to buy back just over one million shares of company stock in the 3rd Quarter.
Titan International was founded in Quincy, and runs a wheel and tire manufacturing plant in Quincy.
