TITAN INTERNATIONAL INC
For the period ended Feb 29, 2024. Filed Feb 29, 2024.
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Feb 29, 2024 · Filed Feb 29, 2024
Contents
EX-99 · Consumer Segment
Consumer Segment
| (Amounts in thousands) · Three months ended · Twelve months ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||
| 2023 | 2022 | % Increase/(Decrease) | 2023 | 2022 | % Increase/(Decrease) | |
| Net sales | $38,529 | $39,164 | (1.6)% | $153,505 | $169,785 | (9.6)% |
| Gross profit | $8,203 | $5,767 | 42.2% | $32,133 | $31,337 | 2.5% |
| Profit margin | 21.3% | 14.7% | 44.9% | 20.9% | 18.5% | 13.0% |
| Income from operations | $5,197 | $3,867 | 34.4% | $22,380 | $22,843 | (2.0)% |
Net sales in the consumer segment were $38.5 million for the three months ended December 31, 2023, as compared to $39.2 million for the comparable period in 2022. The change was due to lower sales volumes, mainly in Latin America for light utility truck tires related to softer economic conditions in the region. In addition, net sales were unfavorably impacted by negative price from lower raw material and other input costs, and foreign currency translation of 1.8%.
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