Bandag announces sales, earnings increases
Bandag Inc.'s consolidated net sales for the fourth quarter of 2004 totaled $232.8 million, a 3% increase over the same period in 2003.
Speedco, Bandag's quick truck lube subsidiary, contributed $16.9 million to fourth quarter sales.
Bandag's consolidated net earnings for the fourth quarter were $30.8 million; its net earnings during 4Q 2003 were $29.1 million. (Net earnings for 4Q 2004 include a $6 million gain due to asset sales.)
Bandag Chairman and CEO Marty Carver says Bandag "made significant strategic progress during the quarter" thanks to the Muscatine, Iowa-based company's tire management outsourcing deal with U.S. Express Leasing Inc., the November 2004 opening of Speedco's first full-service location, the expansion of existing Speedco facilities, and the continued improved performance of Bandag's Tire Distribution Systems Inc. subsidiary.
For the full year of 2004, Bandag reported consolidated net earnings of $66.9 million versus net earnings of $60.2 million in 2003.
"Even though 2004 had its challenges, we made considerable strategic progress," says Carver. "While strong trucking activity in North America is cause for optimism as we enter 2005, we continue to take a conservative view of the global economy, given continued uncertainties concerning the strength of the U.S. dollar and the volatility of raw material costs."