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Article: Firms' earnings reports, revisions a mixed bag.(News)(American Tire Distributors Inc.)(Continental A.G.)(Cooper Tire & Rubber Co.)
- Article from:
- Tire Business
- Article date:
- April 14, 2003
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The latest financial reports released by tire industry-related firms show a mixed bag of results for each company.
The reports cover fiscal-year or first-quarter results, or in some cases, revisions of earnings estimates.
ATD
Charlotte, N.C.-based American Tire Distributors Inc. (ATD) returned to the black in fiscal 2002, reporting net income of $37.4 million on 4.3-percent lower sales of $1.06 billion.
The company attributed the turnaround to reduced operating expenses and a one-time gain on the repurchase of company notes.
``In 2002, we worked hard to grow market share, despite an industry-wide sales decline and our decision ...