Muscatine, Iowa--Bandag Inc. reported measurable gains in net income for the fourth quarter and full year, as 2004 sales were up in both periods, largely on the strength of business from recent acquisitions.
Bandag reported lower tread rubber sales in North America--partially from the loss of business with the trucking firm Roadway Express--but sales overall were influenced positively by revenue from the quick-service lube business Speedco Inc. acquired in the first quarter.
Bandag reported net sales of $232.8 million in the quarter, up 3.1 percent from 2003. Net sales for the year hit $854.2 million, up 4.6 percent. Net income rose 5.8 percent in the quarter to $30.8 million and 11.1 percent for the year to $66.9 million.
"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," said Chairman and CEO Martin Carver.
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