TITAN INTERNATIONAL INC
For the period ended Feb 29, 2024. Filed Feb 29, 2024.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Feb 29, 2024 · Filed Feb 29, 2024
Contents
EX-99 · Earthmoving/Construction Segment
Earthmoving/Construction Segment
| (Amounts in thousands) · Three months ended · Twelve months ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||
| 2023 | 2022 | % Increase/(Decrease) | 2023 | 2022 | % Increase/(Decrease) | |
| Net sales | $159,106 | $195,806 | (18.7)% | $687,758 | $807,356 | (14.8)% |
| Gross profit | $22,107 | $33,137 | (33.3)% | $110,690 | $135,788 | (18.5)% |
| Profit margin | 13.9% | 16.9% | (17.8)% | 16.1% | 16.8% | (4.2)% |
| Income from operations | $8,561 | $19,858 | (56.9)% | $55,122 | $79,810 | (30.9)% |
Net sales in the earthmoving / construction segment were $159.1 million for the three months ended December 31, 2023, as compared to $195.8 million for the comparable period in 2022. The change in earthmoving/construction sales was primarily due to decreased volume in the Americas and the undercarriage business which was caused by elevated customer inventory levels and a slowdown at construction OEM customers. In addition, the net sales change was impacted by negative price from lower raw material and other input costs. The change in net sales was partially offset by favorable impact of foreign currency translation of 1.9%.
3 of 12
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.