TITAN INTERNATIONAL INC
For the period ended Feb 26, 2025. Filed Feb 26, 2025.
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Feb 26, 2025 · Filed Feb 26, 2025
Contents
EX-99 · Earthmoving/Construction Segment
Earthmoving/Construction Segment
| (Amounts in thousands) · Three months ended · Twelve months ended | ||||||
|---|---|---|---|---|---|---|
| December 31, | December 31, | |||||
| 2024 | 2023 | % Decrease | 2024 | 2023 | % Decrease | |
| Net sales | $116,306 | $159,106 | (26.9)% | $583,391 | $687,758 | (15.2)% |
| Gross profit | $6,895 | $22,107 | (68.8)% | $62,824 | $110,690 | (43.2)% |
| Profit margin | 5.9% | 13.9% | (57.6)% | 10.8% | 16.1% | (32.9)% |
| (Loss) income from operations | $(6,961) | $8,561 | (181.3)% | $7,009 | $55,122 | (87.3)% |
Net sales in the earthmoving / construction segment were $116.3 million for the three months ended December 31, 2024, as compared to $159.1 million for the comparable period in 2023. The change in net sales was primarily attributed to softer demand in North America and Europe. Additionally, there was a 1.8% unfavorable impact from foreign currency translation.
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Gross profit in the earthmoving/construction segment was $6.9 million, or 5.9% of net sales, for the three months ended December 31, 2024, as compared to $22.1 million, or 13.9% of net sales, for the comparable period in 2023. Gross profit and margin changes were due to lower sales volume and reduced fixed cost leverage.
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