TITAN INTERNATIONAL INC
For the period ended May 1, 2024. Filed May 1, 2024.
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May 1, 2024 · Filed May 1, 2024
Contents
EX-99.1 · Consumer Segment
Consumer Segment
| (Amounts in thousands, except percentages) | Three months ended | ||
|---|---|---|---|
| March 31, | |||
| 2024 | 2023 | % Increase / (Decrease) | |
| Net sales | $77,328 | $43,862 | 76.3% |
| Gross profit | 13,774 | 9,083 | 51.6% |
| Profit margin | 17.8% | 20.7% | (14.0)% |
| Income from operations | 5,113 | 6,792 | (24.7)% |
Consumer segment net sales were $77.3 million for the three months ended March 31, 2024, as compared to $43.9 million for the three months ended March 31, 2023. The increase in sales was driven by the positive effects of Carlstar acquisition, which contributed one month of results in the first quarter of 2024. The increase was partially offset by lower sales volumes, primarily in Americas, where demand was lower from the softer market conditions.
Gross profit from the consumer segment was $13.8 million for the three months ended March 31, 2024, as compared to $9.1 million for the three months ended March 31, 2023. The increase in gross profit was driven by the positive effects of the Carlstar acquisition. The change in profit margin was primarily due to the effect of the inventory revaluation step-up associated with the Carlstar purchase price allocation.
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