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TheStreet Open House

Titan International's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Some of the equipment that was due in March had just arrived and when you make these changes things happen to be, you know Murphy's law is that something will go wrong. So, our hourly workforce is ready and did an excellent job on my side down, I think there was some errors, but the good thing about it is that we’ll pick it all up in the second half. The order deck I’d know that most of you who have been listening to the drought everything out going on in the farming. I have just been out in the field last two and half weeks. I’ve driven to Iowa out on farms, up in Minnesota, up in North Dakota, Illinois, Ohio, and Michigan. And it’s kind of like there is no question there is a drought, but unless you are really bad at it, the reference in the farming. You’ve the situation of crop insurance and that crop insurance is going to make, it’s 85% if you insure for 50 bucks per acre. And that will insure also your pricing so when you go through there is no question in Oklahoma and people who do not have the irrigation, but there is going to be some that just make an outstanding amount this year and there is some who will do pretty good and there is some who probably won’t make it as much.

But overall, I can tell you I’ll be shocked if the net income to the farm is not pretty close or greater than when it was last year. And every dealer I went to revise stop and see the equipment dealers is marching on a record too. And since my friends at John Deere, they are kicking in, they are doing extra 5,000 tractors capacity, which kicks in starting in August, I expect them to be no different than Cat to trump what they did last year, and keep marching. I believe that even though in South America you see a – it's not as robust as it was, but I expect them to take – keep marching because that will take market share.

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