Titan achieved record sales, income in '08
For the full year of 2008, Titan International Inc. achieved a record $1 billion in sales, 24% more than 2007 levels, on record income of $73.3 million, a 195% increase over previous year income.
Gross profit for the year was $139.7 million, 66% more than 2007 an another record for the company.
Titan posted sales of $258.6 million on income of $11.5 million for the fourth quarter of 2008. That compares to sales of $204.9 million on a loss of $5.4 million during the same period in 2007.
Looking ahead to the rest of the year, Titan Chairman and CEO Morry Taylor believes "the large farm tire business should be good; you can see that in today's commodity prices.
"We believe construction and farm tire markets will move even lower in 2009. Mining should be good through 2009 because mines are operating even though new mines may be on hold for the year. Sales levels should move down because of lower material costs; therefore, selling prices will likely drop.
"Because the world is contracting," he continues, "we believe there will be further consolidation in the specialty tire and wheel market in 2009. This consolidation should be beneficial for Titan's long-term growth.
"Titan has maintained its growth while keeping its SG&A expenses in the 5% to 7% range, and we expect to continue this growth."