fbpx
Connect with us

Bandag Reports 12% Increase in Net Sales for First Quarter

(Akron/Tire Review) Bandag Inc. reported $212.4 million in consolidated net sales for the first quarter of 2006, an increase of 12% compared to consolidated net sales of $189.8 million in first quarter of 2005.

Advertisement

Consolidated earnings from continuing operations were $3.8 million for the first quarter compared to 2005 first-quarter consolidated net earnings of $6.0 million.

Advertisement

“First-quarter sales results showed progress, despite intensifying competitive climates,” said Martin G. Carver, Bandag’s chairman of the board and CEO. “As expected, margins continued to experience pressure from higher raw material costs. Modest increases in tread volume in the North American and European business units were offset by declines in the International business unit. Sales of Tire Distribution Systems Inc. (TDS), Bandag’s tire distribution subsidiary, grew approximately 30%, which reflects increased unit sales as well as price increases.”

North American business unit volume increased 1%, while net sales increased 10% as compared to first quarter 2005. Net sales were positively impacted by price increases in May 2005 and January 2006.

Advertisement

Bandag also reported that John C. McErlane, vice president and president of TDS, was elected to the position of vice president, North America, and Mark A. Winkler was elected to the new position of vice president, vehicle services.

Advertisement
Click to comment

POPULAR POSTS

TPMS-Light-1400 TPMS-Light-1400

TPMS

Tips for Turning Off the TPMS Light

Agrimax RT765 BKT Agrimax RT765 BKT

Sponsored Content

BKT’s Tips to Deal with Ag Tires on Steep Slopes

Tires

Continental Tire Launches ExtremeContact Sport02

Michelin-Enviro-Tire Michelin-Enviro-Tire

Tires

Michelin’s Enviro System Unveils Tire with 58% Sustainable Materials

Connect
Tire Review Magazine