TITAN International has unveiled third quarter sales down 31% to US$309m compared to US$450m in the same period last year.
Gross profit was $US26m or 8.5% of net sales, compared to US$44m or 9.7% of net sales for the third quarter of 2014.
Loss from operations was US$14.5m, while adjusted net income was US$31.5m compared to US$7.2m in the third quarter of 2014
"The third quarter for our end markets was worse than anyone forecasted,” said TITAN chairman and CEO, Maurice Taylor. “This was consistent with our large customers and competitors. We continue to be focused on what we can control.
“This can be seen in our third quarter results. While unfortunate, we continue to make the difficult decisions to reduce headcount as production continues to slow. In addition to our focus on reducing manufacturing costs, we are exploring wheel and tyre designs to both reduce cost and improve performance.
"From the time Goodyear exited EMEA Farm Tire business in 2014, TITAN has suffered the loss of business relating to new equipment being exported from North America to Europe. In fact, we estimate over US$100m in US sales were lost.
“TITAN will work to get all that business back plus more, but it will take time.”