MEMPHIS, Tenn.-TBC Corp.'s results for the third quarter, ended Sept. 30, reflected what President and CEO Louis S. DiPasqua said was an industrywide slowdown. Earnings for the three months dived 31.7 percent to $3.87 million, as sales slumped 6.6 percent to $147.2 million.
TBC experienced an 11.2-percent drop in tire shipments in the quarter, Mr. DiPasqua said. Demand began to strengthen toward the end of the period, he added, and that improvement has carried over into the fourth quarter.
For the nine months, earnings fell 15.1 percent to $12.2 million on a 3.4-percent decline in sales to $409.7 million.
Titan posts sales, earnings records
QUINCY, Ill.-A stronger market for agricultural tires and wheels helped Titan Wheel International Inc. to its 15th consecutive quarter of record results, when compared with the year-earlier period.
Net income for the third quarter, ended Sept. 30, surged 108 percent to $8.91 million on a 52.8-percent leap in sales to $149.5 million.
The construction and consumer products markets in North America were softer during the quarter, the company said, but its European operations posted ``encouraging'' results.
For the nine months, net income leapt 114.6 percent to $28.2 million, while sales climbed 59 percent to $464.9 million.
Profits plummet at Brad Ragan
CHARLOTTE, N.C.-Higher interest and income tax rates combined with lower income from consumer financing to send Brad Ragan Inc.'s third-quarter profits plummeting.
For the three months ended Sept. 30, net income plunged 46.9 percent to $801,000, though sales were unchanged at $67 million.
Nine-month earnings tumbled 43.8 percent to $2.2 million on a 2.2-percent increase in sales to $189.8 million.
A major producer of retreads for off-the-road vehicles and trucks, the Goodyear subsidiary also operates 50 commercial and 121 retail outlets.
VMI to expand, create tire builder
DUSSELDORF, Germany-VMI Epe Holland B.V. will more than double the size of its VMI Americas Inc. subsidiary's facility in Stow, Ohio, to allow for the production of tire-building machinery.
The company also is teaming up with extruder maker Hermann Berstorff Maschinenbau GmbH to develop a tire-building system that will extrude components directly onto the tire in progress.
This concept would eliminate the need for semi-finished components such as treads and sidewalls, and is at the heart of the much-vaunted ``C3M'' system developed by Groupe Michelin.
The primary goal of the technology is to lower per-tire costs by increasing productivity and flexibili-ty, VMI said. Direct extrusion onto a tire casing (in its inflated, ``doughnut'' shape) likely would involve a form of strip winding, which would increase tire uniformity by virtually eliminating splices, sources said.
Demonstration units should be ready next year, VMI said.
VMI is investing an undisclosed sum to add nearly 26,000 square feet to the Ohio facility.