TITAN INTERNATIONAL INC
For the period ended Jul 31, 2024. Filed Jul 31, 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.
Jul 31, 2024 · Filed Jul 31, 2024
Contents
EX-99.1 · Earthmoving/Construction Segment
Earthmoving/Construction Segment
| (Amounts in thousands, except percentages) · Three months ended · Six months ended | ||||||
|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||
| 2024 | 2023 | % Decrease | 2024 | 2023 | % Decrease | |
| Net sales | $165,564 | $174,683 | (5.2)% | $330,772 | $373,607 | (11.5)% |
| Gross profit | 21,299 | 29,102 | (26.8)% | 44,276 | 66,326 | (33.2)% |
| Profit margin | 12.9% | 16.7% | (22.8)% | 13.4% | 17.8% | (24.7)% |
| Income from operations | 7,047 | 14,522 | (51.5)% | 15,881 | 38,060 | (58.3)% |
The Company's earthmoving/construction segment net sales were $165.6 million for the three months ended June 30, 2024, as compared to $174.7 million in the comparable period in 2023. Sales volume was higher during the period driven by increased sales in the undercarriage business and the positive contribution from the Carlstar acquisition. However, this increase was more than offset by the impact of contractual price givebacks resulting from lower raw material costs, particularly lower steel prices in Europe, as well as an unfavorable impact of foreign currency translation by 1.5%.
Gross profit in the earthmoving/construction segment was $21.3 million for the three months ended June 30, 2024, as compared to $29.1 million for the three months ended June 30, 2023. The change in gross profit was primarily attributed to lower sales volume in North America and reduced fixed cost leverage.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.