Titan International has a global reach with its off-highway wheels, tyres, assemblies, and undercarriage products with a strong presence in Agriculture.
During the second quarter of 2020 Agriculture division sales were lower in North America, Europe and Latin America and contributed to a 8.4% decrease in net sales.
The company blamed the lower sales on the effect of the COVID-19 pandemic which continues to cause significant uncertainty for customers in most geographies, most notably OEM customers.
Net sales for the company as a whole for the second quarter of 2020 were US$286.1 million, compared to net sales of US$390.6 million for the second quarter of 2019, representing a US$104.5 million, or 26.7%, decrease.
Net sales for the first six months of 2020 were $627.6 million, compared to net sales of $801 million for the first six months of 2019, representing a $173.3 million, or 21.6%, decrease.
Gross profit for the first six months of 2020 was US$57.1 million, compared to US$83.6 million for the same period last year.