MUSCATINE, Iowa (Feb. 8) — Net profits fell in the fourth quarter and for the year for Bandag Inc. despite a growth in sales.
For the three-month period, net profits were $10.9 million as earnings from continuing operations fell 7.4 percent to $11.2 million. Sales rose 0.6 percent to $253.7 million.
For all of 2006, Bandag net earnings, including a loss of $16.6 million from discontinued operations, fell to $20 million while sales increased 6.5 percent to $973.6 million. Earnings from continuing operations fell 26.1 percent to $36.6 million.
In Bandag's North American segment, sales in the quarter fell 8.2 percent to $112.2 million. For the full year, sales in the segment rose 1.3 percent to $453.4 million.