Titan International Inc (TWI)
Gross profit margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Gross profit | US$ in thousands | 305,849 | 360,710 | 237,542 | 114,319 | 129,004 |
| Revenue | US$ in thousands | 1,780,190 | 2,134,020 | 1,762,710 | 1,231,990 | 1,420,630 |
| Gross profit margin | 17.18% | 16.90% | 13.48% | 9.28% | 9.08% |
December 31, 2023 calculation
Gross profit margin = Gross profit ÷ Revenue
= $305,849K ÷ $1,780,190K
= 17.18%
The gross profit margin of Titan International, Inc. has shown a consistent improvement over the last five years. From 8.90% in 2019, the margin has steadily increased to 16.79% in 2023. This upward trend indicates that the company has been able to effectively control its cost of goods sold while increasing sales revenue, resulting in a higher percentage of revenue retained as gross profit. The company's ability to continuously enhance its gross profit margin reflects improved operational efficiency and pricing strategies, which could potentially lead to enhanced profitability and sustainability in the long term.
Peer comparison
Dec 31, 2023