Titan International Inc. reported full year 2010 sales increase of 21% over 2009 results, but the company barely eked out a net profit for the year.

Strong fourth quarter sales got Titan to $881.6 million in sales for 2010, up from 2009’s $727.6 million. Net income for the year, though, was $358,000. Still, that was an improvement over the 2009 net loss of $24.6 million.

But while those fourth quarter sales were “better than what we thought it was going to be,” according to chairman and CEO Morry Taylor – $232.7 million vs. $146.5 million in the fourth quarter of 2009 – Titan lost more than $10 million for the quarter.

“Farm demand is going strong and we believe it will go for a few more years,” said Taylor. “The mining business is coming up fast and we believe it has room to run and Titan has shown a lot of customers that our design of nylon cords over steel is a way to make better and safer OTR tires.

“We signed our agreement with Goodyear for their farm tire business in South America, Europe, Africa and Eastern Europe, including Russia and Ukraine. We believe Titan can grow the revenue of these businesses to between $400 and $600 million per year in the next three years. We expect to close on this transaction in two pieces. South America by end of March or Apr. 1 this year and Europe sometime late summer or early fall.

“With these acquisitions my goal I gave to senior management of $950 million to $1.1 billion is too low. So, in April or first of May I will make public the new higher goals.”