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From: blacksheep (Rep: 331) reply to SunTzu772Date: 07/30/2008 15:10
Forum: Titan International - Msg #70No Thread (Rec: 0)
Re: out half 44.50s:>Good job Sun. Had a feeling I'd miss a good one after your post last month.
Had this various times in the past but not since last year.

Jungle disclaimer

Reply to SunTzu772 - Msg #69 - 07/30/2008 13:33

Re: 40.41 jumping in near the 50dma => out half 44.50s:


Titan Reports All-Time Record Sales and Income from Operations
Tuesday July 29, 4:35 pm ET

QUINCY, Ill.--(BUSINESS WIRE)--Titan International, Inc. (NYSE:TWI - News):
Second quarter highlights:

Sales for second quarter 2008 of $269.1 million were the highest in the company’s history, an increase of 28 percent, compared to $210.3 million in the second quarter of 2007.
Gross profit was $41.9 million for the second quarter of 2008, a 54 percent improvement from $27.3 million in the second quarter of last year.
Income from operations was an all-time quarterly record $24.4 million for the second quarter of 2008, rising 85 percent, compared to $13.2 million in the second quarter of 2007.
Net income improved 168 percent to $13.3 million for the second quarter of 2008, over the $5.0 million recorded in last year’s quarter.
Basic and diluted earnings per share were $.48 cents for the quarter, an increase of 167 percent compared to $.18 cents in the second quarter of 2007.
Titan’s stockholders’ equity surpassed the $300 million mark and ended the second quarter at $305.7 million, as compared to the year-end balance of $272.5 million.
Statement of Chief Executive Officer:

“The first half of 2008 saw higher commodity prices drive a strong demand in the agricultural market,” said Chairman and CEO Maurice M. Taylor Jr. “This helped propel Titan to record sales levels for the quarter and year-to-date. Despite high raw material costs, the company was able to show improvement in gross profit by continuing to improve manufacturing efficiencies and better align Titan sales prices with production cost.

“Titan has also benefited in the past months from a preliminary ruling from the U.S. Department of Commerce, affirming that exporters of Chinese-manufactured tires have been selling certain off-the-road tires in the U.S.A. at less than normal value and received subsidies, resulting in duties being imposed on certain imported tires. The International Trade Commission had heard relevant testimony in July and may rule in the third quarter. This may result in either upholding the Commerce Department’s ruling, modifying or overruling it.

“Titan believes that volume will increase in farm tires as we move forward, and with excess production capacity of up to $400 million, we are very optimistic for the years ahead. Production of the ‘big daddy’ 63-inch tire has started with the first tire and wheel assemblies headed to the oil sands in Canada. This production is a gradual ramp-up until full production begins on January 2, 2009. It is still Titan’s target to ship at least 900 of the 63-inch giant tires in the second half of 2008. Of these 900 giant tires, Titan plans to ship at least 200-300 as complete tire and wheel assemblies during the next two quarters. Titan will follow the 63-inch ‘big daddy’ tire production with the 57-inch ‘sweet mama’ tire in the fourth quarter of 2008,” said Taylor.

“The effort of all Titan employees has been outstanding this past year and I believe the shareholders are seeing the resulting improvement in our financial performance. The company has come a long way, but Titan will keep striving to improve and reach our ambitious goals for the year.”


"Know thy self, know thy enemy.. A thousand battles, a thousand victories."

-Sun Tzu circa 500 B.C.
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