Titan International Inc.'s net sales during the fourth quarter of 2022 totaled $509.8 million, a 4.5% year-over-year increase.
The company's fourth quarter 2022 income totaled $40.9 million versus $24.3 million during the same period in 2021.
Titan officials credit the income jump to "higher sales and improvements in gross margins," while sales were driven by "increases across the agriculture and earthmoving/construction segments," including volume gains.
"This strong performance supported annual records for sales, profitability and cash flow for the full-year 2022 and allowed us to deliver on our previously stated outlook," says Paul Reitz, Titan president and CEO.
Titan's cash position increased to $160 million at the end of 2022, according to Reitz.
"We are extremely pleased with the strength of our balance sheet, which is a testament to the strategic vision of our management team."
Looking ahead, Reitz says there continues to be "a lot of noise around supply chains and inflation, but the encouraging sign for Titan is that farmer income remains healthy globally. Farmers remain in solid financial position."
The earthmoving and construction markets also are "in a good position to start 2023 with infrastructure support and solid commodity prices driving activity."
