Bandag posts first quarter sales, earnings gains
Bandag Inc. posted net sales of $227 million during the first quarter versus $212.4 million during the first quarter of 2006. Bandag's first quarter net earnings totaled $14.9 million, a $9.2 million increase over earnings from 1Q 2006.
"Bandag's first quarter performance is especially gratifying because it demonstrates the benefits of recent strategic actions to strengthen and position our operations for profitable growth globally," says Bandag Chairman and CEO Marty Carver.
Carver adds that Bandag's North American business was up during the first quarter "even though we experienced some slowing in the important medium truck segment of our market."
However, during 1Q 2007 Bandag took a net loss on discontinued operations of $16.4 million.
Bandag's Tire Distribution Systems subsidiary's results were down "slightly" in the first quarter, but Carver says the unit performed "very well in light of softening market conditions and limited supplies of OTR products in most markets."