Quincy, IL – Titan International, Inc. reported financial results for the first quarter ended March 31.
Net sales for the first quarter of 2021 were $403.5 million, compared to net sales of $341.5 million for the first quarter of 2020, representing a $62.0 million, or 18.2 percent, increase. On a constant currency basis, net sales for the first quarter 2021 would have been $409.3 million. Net income applicable to common shareholders for the first quarter of 2021 was $13.6 million, equal to income of $0.22 per basic and diluted share, compared to a loss of $25.5 million, equal to a loss of $0.42 per basic and diluted share, in the first quarter of 2020.
“The positive momentum we highlighted during our most recent earnings release in March has continued and has increased further over the past couple of months,” stated Paul Reitz, president and chief executive officer. “The first quarter of 2021 was our strongest quarter since the first half of 2018 with net sales over $403 million and adjusted EBITDA above $26 million. These results are on the high side of our first quarter outlook. The strong recovery we began to see in our global Ag markets in the fourth quarter has now accelerated and includes additional demand within our earthmoving and construction (EMC) businesses beyond our initial expectation at this point in the year. During the first quarter of 2021, Ag and EMC experienced volume increases over 15 percent and 19 percent, respectively. These market dynamics, as well as our continued cost discipline emphasized over the last year, led to a gross margin percentage of 13.2 percent, representing a 450 basis point improvement from last year’s first quarter.