Titan Sees Record 1Q Sales, Profit Improvement
Titan International reported “all-time record” first quarter sales of US$253.5 million, up 12 per cent period-to-period compared to 2007’s sales of $226.3 million. Gross profit for first quarter 2008 was $32.3 million, up 19 per cent versus the same period last year, while net income hit $8.1 million, up $10.6 million compared to 2007’s first quarter loss of $2.5 million.
“Titan’s first quarter reached record levels. The growth was spurred by the huge demand in the agricultural market,” said Chairman and CEO Morry Taylor “Increases in grain-based ethanol and soybean-based biofuel has increased commodity prices throughout the ag market.” Taylor said Titan is on schedule to start production of 57- and 63-inch OTR radials in July 2008. “Looking forward, production of these giant OTR tyres will build as equipment is brought online,” he said. “With the new capacity to produce giant OTR tyres and the continued demand in ag, Titan’s sales should remain strong.” (Tire Review/Akron)