QUINCY, Ill. (Dec. 20, 2007) — Titan International Inc. should approach $1 billion in sales next year and achieve a pre-tax earnings ratio of 15 percent or better, according to Chairman and CEO Maurice "Morry" Taylor Jr.
Taylor bases his prediction on strong demand for off-the-road mining tires and pent-up demand for farm tires, as well as Titan's decision to broaden its product portfolio to include 63-inch OTR tires.
Titan is on target to achieve $100 million or more in pre-tax operating (EBITDA) profit this year, Taylor said in a prepared statement, while exceeding $800 million in sales. The EBITDA goal next year is $120 million to $150 million, he said, with sales in the $920 million to $1 billion range.
The 63-inch OTR tire range alone should generate $35 million to $55 million in new revenue, he said.
Also influencing the forecast are price increases for aftermarket tires Titan implemented Nov. 1, Taylor said, noting, that it may be necessary for further increases by the end of the first quarter of 2008.