Gross profit for first quarter 2008 was $32.3 million, up 19% vs. 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 tires will build as equipment is brought online,” e said. “With the new capacity to produce giant OTR tires and the continued demand in ag, Titan’s sales should remain strong.” (Tire Review/Akron)