Sales Up, Profits Posted, Titan Eyes 73.5-Inch Tyre
(Akron/Tire Review) Titan International posted record first half sales of $436.6, up 22 per cent from the same period last year, but dropped only $2.5 million in net profits for the period, down from a $14.2 million net profit in the first half of 2006.
Titan said its total sales for second quarter 2007 were $210.3 million, up 20 per cent from the $175.2 million in sales posted for the second quarter of 2006. Net income for the quarter was $5.0 million, down slightly from 2006’s $5.6 million.
“The second quarter has been very exciting for Titan,” said Maurice Taylor, Titan’s chairman and CEO. “Our sales are up, as they should be from last year’s acquisition. We are expanding our OTR business and adding new OTR products by expanding capacity in Freeport, Illinois. While this is happening in Freeport, certain farm tyres are being transferred to our Des Moines facility.”
Titan is expanding its capacity to build 57- and 63-inch earthmover tyres, with production slated to start by mid-2008.
“Titan has put together an engineering team to not only develop the 63-inch tyres, but also a new 73.5-inch 15-degree tyre and wheel to improve wear and performance,” Taylor said. “I believe that by producing these tyres, Titan will show our customer base that we are the best, and making the wheel with the tyre is what sets Titan apart from everyone else. We plan to produce sample 63-inch tyres in first quarter 2008. The 73.5-inch tyre will follow.”