Titan International booked an 18% improvement in Q1 revenue compared to last year and the company says it is seeing accelerating demand from the agricultural and construction sectors.
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 million, or 18.2%, increase.
of 13.2% representing a 450-basis point improvement from last year’s first quarter.
“Based on a number of positive factors in the agricultural sector, including higher crop prices, low inventory levels for new and used equipment, strong farmer income, and the age of existing equipment, we believe that the current market trends experienced in Q1 will continue, and in some cases even improve throughout 2021 into 2022,” stated Paul Reitz, president and Chief Executive Officer
“Many companies around the world are facing supply chain and logistics shortages, but we are managing well to this point, due to well-coordinated supply chain management that requires continuous attention and action. At the same time, we have been and will continue to take, appropriate pricing actions to cover the rising costs of raw materials, labour and logistics.
