MEMPHIS, Tenn. (Jan. 24, 2002)—TBC Corp. said it expects to report record 2001 revenues of more than $1 billion and fourth-quarter 2001 earnings to either meet or slightly exceed analysts' estimates of 25 cents per share.
The Memphis-based tire marketer also said it anticipates full-year earnings will fall within the 97-99 cents per share forecast by analysts.
“The continued success of our multi-channel marketing approach was validated by our fourth-quarter performance,” TBC president and CEO Larry Day said in a statement. “Tire pricing remained firm and our market share grew as a result of the continued strengthening of our retail segment and its influence in consumer purchasing decisions.”
Mr. Day said that early indications show TBC's unit tire volume should follow its current pattern of outperforming the industry in 2002 “at a time when there is still overall uncertainty about the economy's lingering effects on our industry.”
He attested the company's strong performance—and anticipated continued growth this year—to the “full-year contribution from the 61 new company-owned and franchised stores added during 2001, as well as new stores and new private-brand tire lines planned for 2002.”
Analysts estimate the company's per-share growth at $1.10 for 2002, and TBC management is comfortable with that prediction, the company said.
TBC's complete 2001 financial results are scheduled to be released on Feb. 13.