TBC expects to meet Q3 projections
TBC Corp. expects to meet its earnings target for the third quarter based on preliminary results.
"We are very gratified with our preliminary results, which indicate that we met the forecasted increase in earnings for the third quarter and that sales increased 4% to a new third-quarter record of $279 million," says Larry Day, TBC president and CEO.
Last month's terrorist attacks temporarily disrupted progress, Day admits, but the Memphis, Tenn.-based private brand marketer has experienced a boost in demand.
"The recovery has been more pronounced in our retail operations which we had expected because of the historial stability of consumer demand for replacement tires."
Day says price increases initiated by TBC earlier this year are paying off "and we are encouraged that the pricing environment thus far has remained firm throughout our business units."
TBC is the largest private brand marketer in the United States with 7.5% market share, according to Modern Tire Dealer data.