Titan International, Inc. reported a slight increase in net sales for the fiscal year ended December 31, 2024, totaling $1.85 billion, up 1.3% from $1.82 billion in 2023. The growth was primarily driven by the consumer segment, which benefited from the acquisition of The Carlstar Group, contributing approximately $418.9 million to sales. However, this was partially offset by declines in the agricultural and earthmoving/construction segments due to weakened global demand. The company's gross profit decreased significantly to $257.8 million, or 14.0% of net sales, compared to $305.8 million, or 16.8% in the previous year, reflecting increased costs and lower sales volumes.
The acquisition of Carlstar on February 29, 2024, marked a significant strategic development for Titan, expanding its product offerings in the consumer market, which includes outdoor power equipment and power sports. The acquisition-related costs for the year were reported at $6.2 million. The company also increased its research and development expenses to $16.5 million, up from $12.5 million in 2023, as it focused on product innovation and quality improvements.
Operationally, Titan's employee headcount stood at approximately 8,303 as of December 31, 2024, with a significant portion of its workforce located outside the United States. The company continues to maintain a diverse customer base, with its ten largest customers accounting for 35% of net sales in 2024. Notably, sales to Deere & Company represented 11% of total sales, indicating a reliance on key customers for revenue generation.
Looking ahead, Titan's management expressed cautious optimism regarding market conditions, particularly in the agricultural sector, where rising commodity prices and farmer income could support renewed demand for its products. However, the company remains vigilant about potential risks, including geopolitical tensions, fluctuating commodity prices, and the impact of economic conditions on customer demand. Titan's liquidity position appears stable, with $196 million in cash and cash equivalents as of year-end, and it plans to invest between $55 million and $65 million in capital expenditures in 2025 to enhance its manufacturing capabilities.
About TITAN INTERNATIONAL INC
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