MUSCATINE, Iowa (May 1)—Bandag Inc. recorded a 77-percent drop in earnings to $2.3 million in the first quarter ended March 31 from $10 million in the like period last year. Net sales for the quarter were down almost 7 percent to $209.2 million from $224.3 million. Chairman and CEO Martin G. Carver attributed the slide to sluggish business conditions and more intense competition throughout the truck tire industry globally. Both new and retread tire sectors have been affected by the slowing economy, the firm said.
Bandag's earnings fall in quarter
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