Titan International projects revenue for 2012-13
QUINCY, Ill. (AP) -- Titan International Inc. said Monday that it expects to post 2012 revenue of about $1.8 billion to $1.9 billion.
The forecast brackets current Wall Street predictions. Analysts, on average, expect $1.85 billion in revenue, according to a FactSet poll.
Titan Chairman and CEO Maurice Taylor expects strong 2013 farm income in North America as Titan expands its capacity, putting the Quincy, Ill.-based wheel and tire supplier in positions to boost its overall market share.
In addition, South American farm sales are expected to grow more than 10 percent, with the company's capacity expansion boosting its market share in that region, Taylor said.
But European farm sales are expected to be down from year-ago levels and the global construction market will likely lag, except in Russia and Brazil, he said.
Taylor said the company has set a 2013 goal of $2.4 million to $2.7 billion in revenue, ahead of average analysts' estimates of $2.33 billion.
Titan shares rose 98 cents, or 5 percent, to $21.31 in midday trading. Its shares are up 21 percent from their low of $16.86 in late September. They traded as high over the past year as $29.95 in early May.
Copyright 2012 The AP.