TITAN INTERNATIONAL INC
For the period ended Oct 30, 2024. Filed Oct 30, 2024.
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Oct 30, 2024 · Filed Oct 30, 2024
Contents
EX-99.1 · Earthmoving/Construction Segment
Earthmoving/Construction Segment
| (Amounts in thousands, except percentages) · Three months ended · Nine months ended | ||||||
|---|---|---|---|---|---|---|
| September 30, | September 30, | |||||
| 2024 | 2023 | % Decrease | 2024 | 2023 | % Decrease | |
| Net sales | $136,313 | $155,045 | (12.1)% | $467,085 | $528,652 | (11.6)% |
| Gross profit | 11,653 | 22,257 | (47.6)% | 55,929 | 88,583 | (36.9)% |
| Profit margin | 8.5% | 14.4% | (41.0)% | 12.0% | 16.8% | (28.6)% |
| (Loss) income from operations | (1,911) | 8,501 | (122.5)% | 13,970 | 46,561 | (70.0)% |
The Company's earthmoving/construction segment net sales were $136.3 million for the three months ended September 30, 2024, as compared to $155.0 million in the comparable period in 2023. The change in net sales was primarily attributed to reduced sales volume due to softer demand in North America and Europe, which was partially offset by positive contributions from the Carlstar acquisition. Additionally, adverse price/mix effects and a 1.1% unfavorable impact from foreign currency translation contributed to the overall change.
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Gross profit in the earthmoving/construction segment was $11.7 million for the three months ended September 30, 2024, as compared to $22.3 million for the three months ended September 30, 2023. The change in gross profit was primarily attributed to lower sales volume in North America and Europe, and reduced fixed cost leverage.
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