Titan International saw a drop off in sales and net income for the first quarter of the year compared to the same period of 2009.
The tire and wheel maker posted sales of $196.4 million for the first quarter of 2010, compared to first quarter 2009 sales of $232.6 million. Net income for the first quarter came in at $2.1 million, compared to $7.0 million in 2009.
Titan said the drop was due to a 19% fall off in agricultural tire sales. “The first quarter started slow, but has improved each month. Leading the way has been the big farm segment, which should continue to be strong through the second quarter, slowing down as normal in the third quarter and picking up in the fourth quarter,” said chairman and CEO Morry Taylor.
“Mid and small farm product demand is still slow, and we do not see any growth in that segment until 2012. Our construction business is up slightly, because it had nowhere to go but up, though it is still off nearly 50% from 2007 highs,” said Taylor.
The Titan chief also announced that the company would open a service center in Ft. MacMurray, Alberta, by the end of third quarter this year to service mine tire customers. And, he said, the company is planning on a joint venture distribution deal in Mexico.
