CORRECTED – CORRECTED-UPDATE 1-Titan Int’l Q3 beats on rising farm demand

(Corrects company headquarters in paragraph 8)

* Q3 EPS $0.11 vs est. $0.03

* Q3 sales up 57 pct

* Says bond repurchase to hurt Q4

Oct 28 (BestGrowthStock) – Titan International Inc (TWI.N: ), which
supplies tires and assemblies for off-highway vehicles, posted
a better-than-expected quarterly profit as improving farm
demand drove sales at its agricultural segment.

The company, with a market value of about $511 million,
however, gave a mixed forecast for the fourth quarter.

“Income from operations should be good for the fourth
quarter. Titan will get hit in the quarter with the premium we
paid to repurchase the bonds on Oct. 1″, Chief Executive
Maurice Taylor said in a statement.”

The company had bought back $138.9 million of senior
unsecured notes due 2012 on Oct. 1. [ID:nWNAB0725]

For the July-September third quarter, the company reported
earnings of $4 million, or 11 cents a share, compared with a
net loss of $11.1 million, or 32 cents a share, a year ago.

Sales rose 57 percent to $222.8 million.

Analysts on average were expecting earnings of 3 cents a
share, on revenue of $$172.5 million, according to Thomson
Reuters I/B/E/S.

Quincy, Illinois-based Titan was hurt last year as
recession forced many of its major customers to go for extended
shutdowns.

Now the company is seeing increased demand both in its
agricultural and earth moving segments, with the commodity and
construction markets picking up.

Agricultural segment sales rose 62 percent to $170.7
million.

Shares of the company, which have gained 23 percent in
value in the last three months, closed at $14.14 Wednesday on
the New York Stock Exchange.
(Reporting by Bijoy Koyitty in Bangalore; Editing by
Unnikrishnan Nair)

CORRECTED – CORRECTED-UPDATE 1-Titan Int’l Q3 beats on rising farm demand