QUINCY, Ill. (July 31, 2008) — Titan International Inc. posted record sales for the second quarter and first half, ended June 30, propelled by soaring demand for corn and other farm commodities.
The Quincy-based tire maker boosted quarterly net income 168.2 percent to $13.3 million on record sales of $269.1 million, a 27.9-percent jump over the second quarter of 2007.
For the first half, net income surged 764.8 percent to $21.4 million, compared with the year-ago period, as sales climbed 19.7 percent to a record $522.6 million.
Maurice Taylor Jr., Titan chairman and CEO, said demand in the agricultural market as well as newly implemented efficiency plans helped outweigh the rising raw material costs.