TITAN INTERNATIONAL INC
For the period ended May 1, 2024. Filed May 1, 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.
May 1, 2024 · Filed May 1, 2024
Contents
EX-99.1 · Earthmoving/Construction Segment
Earthmoving/Construction Segment
| (Amounts in thousands, except percentages) | Three months ended | ||
|---|---|---|---|
| March 31, | |||
| 2024 | 2023 | % Decrease | |
| Net sales | $165,208 | $198,924 | (16.9)% |
| Gross profit | 22,977 | 37,224 | (38.3)% |
| Profit margin | 13.9% | 18.7% | (25.7)% |
| Income from operations | 8,834 | 23,538 | (62.5)% |
3 of 12
The Company's earthmoving/construction segment net sales were $165.2 million for the three months ended March 31, 2024, as compared to $198.9 million in the comparable period in 2023. The change in earthmoving/construction sales was primarily due to lower sales volume in the Americas and the undercarriage business which was caused by a slowdown at construction OEM customers. In addition, the net sales change was impacted by negative price due to lower raw material and other input costs.
Gross profit in the earthmoving/construction segment was $23.0 million for the three months ended March 31, 2024, as compared to $37.2 million for the three months ended March 31, 2023. The changes in gross profit and margin were primarily attributed to the lower sales volume, which also resulted in lower fixed cost leverage and contractual price give backs due to lower steel prices, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.