MUSCATINE, Iowa-Despite modest growth in the fourth quarter, Bandag Inc. saw its 1993 earnings slip 4.9 percent below 1992 levels. For the year, the tread rubber and retreading equipment maker posted net earnings of $78.7 million on nearly flat sales of $590.2 million. In 1992, Bandag earned $82.8 million on sales of $591.4 million.
For the three months ended Dec. 31, the company reported net income of $23 million, up 2.6 percent from the previous year, while sales remained virtually unchanged at $160.4 million.
According to the Wall Street Journal, Bandag's fourth-quarter earnings fell below analysts' expectations, which had been closer to $23.8 million.
Micheling receives J.D. Power award
DETROIT-In a Jan. 6 presentation at the North American International Auto Show in Detroit, Michelin North America received an award from J.D. Power & Associates recognizing Michelin's first-place finish among original equipment tire brands in Power's 1993 OE customer satisfaction survey.
Results of the survey, released last October, showed Michelin narrowly beat out Pirelli, the 1992 winner.
Treadco sets sales record in 1993
FORT SMITH, Ark.-The addition of new facilities in 1993-especially last summer's purchase of Trans World Tire Corp., a five-outlet commercial dealership/retreader based in Tampa, Fla.-led Treadco Inc. to record sales of $113.3 million for the year, a 14.7-percent increase over 1992 results.
Stores opened during the year accounted for nearly two-thirds of the total sales increase for the year, the company said. Retreading accounted for 56 percent of total sales, with new tires making up the rest.
At the same time, the company's net income climbed 10.6 percent to $5.83 million from $5.27 million the previous year.
In the fourth quarter, ended Dec. 31, Treadco's earnings leaped 31.3 percent to $1.92 million on a 27.2-percent jump in sales to $32.2 million, compared with the year-earlier period.
Hayes Wheel International Inc. has been contracted to supply wheels for the 1995-model BMW 3-series, the first car made at BMW A.G.'s new U.S. plant.
Bridgestone/Firestone Inc. has incorporated its engineered products unit as Bridgestone Engineered Products Co. Inc., a wholly owned subsidiary based near BFS headquarters in Nashville, Tenn.