TITAN INTERNATIONAL INC
For the period ended Jul 31, 2024. Filed Jul 31, 2024.
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Jul 31, 2024 · Filed Jul 31, 2024
Contents
EX-99.1 · Consumer Segment
Consumer Segment
| (Amounts in thousands, except percentages) · Three months ended · Six months ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||
| 2024 | 2023 | % Increase (Decrease) | 2024 | 2023 | % Increase (Decrease) | |
| Net sales | $150,276 | $37,345 | 302.4% | $227,604 | $81,207 | 180.3% |
| Gross profit | 26,840 | 8,057 | 233.1% | 40,614 | 17,140 | 137.0% |
| Profit margin | 17.9% | 21.6% | (17.1)% | 17.8% | 21.1% | (15.6)% |
| Income from operations | 6,449 | 5,865 | 10.0% | 11,562 | 12,657 | (8.7)% |
Consumer segment net sales were $150.3 million for the three months ended June 30, 2024, as compared to $37.3 million for the three months ended June 30, 2023. This growth was primarily driven by increased sales volumes resulting from the positive impact of the Carlstar acquisition. The increase was partially offset by negative price/product mix and reduced sales volumes in the Americas region due to weaker market conditions.
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Gross profit from the consumer segment was $26.8 million for the three months ended June 30, 2024, as compared to $8.1 million for the three months ended June 30, 2023. The increase in gross profit was primarily driven by the benefits of the Carlstar acquisition. The shift in profit margin was influenced by the inventory revaluation step-up of $6.0 million associated with the Carlstar purchase price allocation and reduced fixed cost leverage resulting from lower sales volumes in the Americas. Excluding the impact of the Carlstar purchase price allocation, adjusted gross margins in the Consumer segment were 21.8% and 21.6% for the three and six months ended June 30, 2024, respectively.
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