Bandag Swings to Loss
Bandag (BDG), a manufacturer of retreading materials, swung to a loss in the first quarter, hurt by loss from discontinued operations.
The company said it lost $12.6 million, or 64 cents a share, in the quarter, compared with a profit of $6 million, or 30 cents a share, a year ago. Income from continuing operations was 19 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 20 cents a share.
First-quarter revenue rose 11.9% from a year ago to $212.4 million.
The company's sales at North American business rose 10%, led by price hikes. Revenue at European business was up 1%, including the negative impact of foreign currency translation. International business revenue fell 8%, due to the divestiture of South African business. Operating margin for the quarter fell 268 basis points to 1.8%."As expected, margins continued to experience pressure from higher raw material costs. Modest increases in tread volume in the North American and European business units were offset by declines in the International business unit," the company said.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV