Titan International Inc. (TWI, Financial) filed Quarterly Report for the period ended 2010-03-31.
Titan International Inc. has a market cap of $451.9 million; its shares were traded at around $12.81 with and P/S ratio of 0.6. The dividend yield of Titan International Inc. stocks is 0.2%.TWI is in the portfolios of Robert Bruce of Bruce & Co., Inc., John Buckingham of Al Frank Asset Management, Inc., John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Manning & Napier Advisors, Inc.
Other income for the first quarter of 2010 was $0.3 million, compared to $1.4 million in 2009. A gain on senior note repurchases of $1.4 million was included in other income for the first quarter of 2009.
Net income for the first quarter of 2010 was $2.1 million, compared to $7.0 million in 2009. Basic earnings and diluted earnings per share were each $.06 for the first quarter of 2010, compared to $.20 in the first quarter of 2009. The Company s net income and earnings per share were lower due to the items previously discussed.
Gross profit in the agricultural market was $23.9 million for the first quarter of 2010, compared to $24.9 million in 2009. Income from operations in the agricultural market was $20.0 million for the first quarter of 2010, compared to $20.1 million for the first quarter of 2009. Despite the lower sales, the gross profit and income from operations were nearly the same due to improved manufacturing efficiencies, including reduced headcount, in the agricultural segment.
Gross profit in the earthmoving/construction market was $3.2 million for the first quarter of 2010, as compared to $4.9 million in 2009. Income from operations in the earthmoving/construction market was $0.7 million for the first quarter of 2010 versus $3.8 million in 2009. First quarter 2010 income from operations in the earthmoving/construction segment was negatively impacted by manufacturing inefficiencies including depreciation on the giant OTR assets of approximately $1 million and higher R&D expenses of approximately $1 million related to giant OTR products.
Gross profit from the consumer market was $0.7 million for the first quarter of 2010, as compared to $0.8 million in 2009. Consumer market income from operations was $0.6 million for each of the three months ended March 31, 2009 and 2010. The consumer segment continues as a complementary and contributing part of the Company s overall business.
Read the The complete Report
Titan International Inc. has a market cap of $451.9 million; its shares were traded at around $12.81 with and P/S ratio of 0.6. The dividend yield of Titan International Inc. stocks is 0.2%.TWI is in the portfolios of Robert Bruce of Bruce & Co., Inc., John Buckingham of Al Frank Asset Management, Inc., John Keeley of Keeley Fund Management, Kenneth Fisher of Fisher Asset Management, LLC, Manning & Napier Advisors, Inc.
Highlight of Business Operations:
The following operating results were primarily related to the reduced sales levels and the associated negative impact on the Company s operating profit. The Company s gross profit was $26.1 million for the first quarter of 2010, compared to $30.1 million in 2009. Net income was $2.1 million for the quarter, compared to $7.0 million in 2009. Basic earnings per share were $.06 in the first quarter of 2010, compared to $.20 in 2009.Other income for the first quarter of 2010 was $0.3 million, compared to $1.4 million in 2009. A gain on senior note repurchases of $1.4 million was included in other income for the first quarter of 2009.
Net income for the first quarter of 2010 was $2.1 million, compared to $7.0 million in 2009. Basic earnings and diluted earnings per share were each $.06 for the first quarter of 2010, compared to $.20 in the first quarter of 2009. The Company s net income and earnings per share were lower due to the items previously discussed.
Gross profit in the agricultural market was $23.9 million for the first quarter of 2010, compared to $24.9 million in 2009. Income from operations in the agricultural market was $20.0 million for the first quarter of 2010, compared to $20.1 million for the first quarter of 2009. Despite the lower sales, the gross profit and income from operations were nearly the same due to improved manufacturing efficiencies, including reduced headcount, in the agricultural segment.
Gross profit in the earthmoving/construction market was $3.2 million for the first quarter of 2010, as compared to $4.9 million in 2009. Income from operations in the earthmoving/construction market was $0.7 million for the first quarter of 2010 versus $3.8 million in 2009. First quarter 2010 income from operations in the earthmoving/construction segment was negatively impacted by manufacturing inefficiencies including depreciation on the giant OTR assets of approximately $1 million and higher R&D expenses of approximately $1 million related to giant OTR products.
Gross profit from the consumer market was $0.7 million for the first quarter of 2010, as compared to $0.8 million in 2009. Consumer market income from operations was $0.6 million for each of the three months ended March 31, 2009 and 2010. The consumer segment continues as a complementary and contributing part of the Company s overall business.
Read the The complete Report
