Titan posts record sales for 2007
Titan Internatonal Inc. achieved sales of $204.9 million during the fourth quarter of 2007, a record for the company and a 24% increase over its fourth quarter 2006 sales. For the full year of 2007, Titan posted record sales of $837 million, a 23% increase over full year 2006 sales.
Titan's gross profit for the fourth quarter of 2007 totaled $11.3 million, a 400% increase over the company's fourth quarter 2006 gross profit.
The specialty tiremaker's income from operations was $24.8 million for the full year of 2007.
"Titan's year in 2007 can be described best as one of constant evolution," says Titan Chairman and CEO Morry Taylor.
"We saw the agricultural market begin its upswing and had a strong year in the OTR market. We've laid much groundwork for the future as well. Our giant 57-inch and 63-inch radial tire project has moved forward at record speed."
Titan recently manufactured its first 63-inch OTR tire.
"A continuation of strong OTR demand along with an increase in the agricultural market in 2008 will provide even more opportunities for Titan."