Third Quarter Sales And Earnings Down For Bandag

Bandag Inc. has announced falls in sales and net earnings for the third quarter, compared to the same period last year. Turnover fell 3 per cent to $261.

7 million and earnings were down 18 per cent at $14.6 million. Chairman and CEO Martin Carver blamed the economic downturn in truck tyre markets worldwide for declining volumes.

Despite this, Bandag maintained its margins, with the exception of the ultra-competitive European market. Carver does not foresee recovery in the truck tyre business any earlier than the second half of next year..