Bandag posts sales, earnings gains
Bandag Inc.'s consolidated net sales for the first quarter of 2005 totaled $186.6 million, a $13 million increase over the same period in 2004.
Bandag's first quarter 2005 consolidated net earnings were $6 million, a $2 million increase over 1Q 2004 earnings.
"First quarter results reflected growing strength in the North American trucking industry," says Bandag Chairman and CEO Marty Carver.
Carver says Bandag's Tire Distribution Systems Inc. subsidiary improved its operating results by $1.7 million during the first quarter.
Gains were "largely attributable to strengthening demand and margin improvement."
Sales at Bandag's Speedco truck lube operation grew by $10.8 million versus 1Q 2004 numbers.
"We believe continued strength in the trucking industry in our major markets will work to Bandag's benefit as we continue delivering an expanded array of value-added vehicle services, which complement our traditional business," says Carver.
"At the same time, we recognize that continued increases in raw material and transportation costs will be a concern throughout 2005."