PCL appoints North America sales manager
Pneumatic Components Limited, better known as PCL, has appointed David Fred the company’s new national sales manager for North America. Fred’s appointment reflects growing demand in that region; the Sheffield-based company comments that his role was crated “following a sharp rise in demand for PCL's products due to a strong market shift towards quality and accuracy.”
Continue ReadingAnant Goenka takes over as Ceat MD
On 12 March Indian tyre maker Ceat Limited announced the appointment of incumbent deputy managing director Anant Goenka as its new managing director following the retirement of Paras K. Chowdhary from this position; Goenka will start in this new role on 1 April. Chowdhary will continue with Ceat as a full-time director.
Continue ReadingAnalysts: Pirelli target upgrade a big surprise
While pleased that Pirelli’s figures were “in line” with expectations, financial analysts have reported their surprise at the Italian-based tyre manufacturers’ decision to raise its targets for 2012. According to advice sent out by Morgan Stanley the upgrade news is “a big surprise so soon after the investor day in the fourth quarter.” They expect target upgrade in the region of 8 to 10 per cent and immediately issued the succinct advice “buy”.
Continue ReadingPirelli sales up 16.6% in 2011, profits beat target margin
Pirelli & C. SpA’s has released fourth quarter and full year 2011 results showing consolidated revenues in 2011 totalled 5,654.8 million euro, an increase of 16.6 per cent from 4,848.4 million euros in 2010. Consolidated operating income after restructuring charges was 581.9 million euros compared with 407.8 million euros in 2010, and with a 10.3 per cent margin compared with the target of “around 10 per cent” announced last November. This is almost two percentage points higher than the 8.4 per cent achieved in 2010.
Continue ReadingAnalysts up Conti share price target
Financial analysts have expressed a vote of confidence in Continental AG’s present and future financial performance by increasing the price their expect the company’s shares to achieve in the medium term. Recommending a new, higher price target to its investors, Morgan Stanley analysts raised their price target for Continental stock to 90 euros per share, up some 15 euros from the previous target of 75 euros.
Continue ReadingAnalysts: Fourth quarter results key for Pirelli 2012 outlook
When Pirelli releases its fourth quarter financials on Monday, the results are likely to be a barometer of what can be expected from the company in the rest of 2012. That’s the view of financial analysts from Morgan Stanley that published their view in an investors note dated 8 March. Their prediction is that Pirelli will report figures on the positive side of being in line with expectations: “We believe Pirelli will deliver 139 million euros of reported EBIT, a touch higher than the street and Pirelli’s targets.
Continue ReadingGoodyear declares quarterly dividend
The Goodyear Tire & Rubber Company has declared a quarterly dividend of 73.44 cents per share of mandatory convertible preferred stock. The payout represents an annual rate of $2.9375 per share.
Continue ReadingAnalysts: Conti profits beat projections
Continental’s fourth quarter adjusted pre-tax profits of 815 million euros (announced yesterday, 1 March) was 5 per cent ahead of the consensus of projections compiled by various financial analysts. At the same time the company’s fourth quarter sales of 7.7 billion were some 2 per cent higher. According to an investor’s note published by Morgan Stanley following the publication of the Continental’s financials, the company’ s margin of 10.3 per cent also came higher than consensus estimates at 10 per cent.
Continue ReadingCooper posts higher sales, profits for 2011
Even as it tries to resolve a three-month lock out at its hometown Findlay, Ohio, plant, Cooper Tire & Rubber Co reported full-year 2011 net profit of $269.6 million against sales of $3.9 billion, Tire Review reports. The sales results were an improvement of $566 million, or 17 per cent, from 2010, while the net profit mark was up significantly from 2010’s $163.9 million.
Continue ReadingYHI International posts record net profit
Singaporean tyre, wheel and battery distributor and manufacturer, YHI International posted record net profits of S$41.1 million in 2011, though profit margin dwindled a percentage point on lower margins in its manufacturing business segment. The company distributes Yokohama, Nexen and Nankang tyres and Enkei, OZ and Konig wheels, among other brands, across south-east Asia. Executive chairman and Group managing director, Richard Tay said “despite the global economic uncertainties and strong competition, we have achieved excellent financial results… We are on track in executing our five-year business expansion plan (FY2011-FY2015) to grow our manufacturing and distribution businesses, and strengthen our multi-brand, multi-category and multi-product sales initiatives for all YHI’s sales offices and appointed distributors worldwide.”
Continue ReadingGoodyear announces senior notes offering
The Goodyear Tire & Rubber Company has announced that it has commenced a public offering of $700 million aggregate principal amount of 10-year senior notes, subject to market and other customary conditions. The notes will be senior unsecured obligations of the company.
Continue ReadingContinental triples share dividend estimates
Continental AG has announced that the company plans to pay a dividend of 1.5 euros per share for the 2011 fiscal year, almost tripling analyst estimates of 0.55 euros. Based on the approximately 200 million shares outstanding, the proposed amount to be distributed totals roughly 300 million euros. This equates to a payout ratio of about 24 per cent, according to an official statement on the subject.
Continue ReadingMaxxis unveils swish new sponsorship
In addition to the sponsorship of three Major League Baseball sponsorships, Maxxis announced that it will be an official partner of the New York Knicks basketball team for the season’s remaining games. During home games, Maxxis’ signage will appear courtside for 30 seconds of TV coverage on an LED board at Madison Square Garden. The Taiwanese manufacturer revealed that the form of Jeremy Lin had encouraged its decision to buy sponsorship of the New York team.
Continue ReadingMaxxis sponsors Major League Baseball franchises
Maxxis has announced that it will sponsor the New York Yankees, Los Angeles Dodgers and Washington Nationals baseball franchises in 2012. During the regular season, beginning in early April, Maxxis signage will be visible behind home plate for many Yankees, Dodgers and Nationals home games, increasing the brand’s visibility and extending its policy of major sports teams such as Liverpool Football Club in the UK, giving the brand important exposure to legions of baseball fans around the world.
Continue ReadingGoodyear increases 2011 sales, earnings despite low Q4 volumes
The Goodyear Tire & Rubber Company has reported increased sales and earnings for the fourth quarter of 2011 and the full year. In the Europe, Middle East and Africa region the company improved on its 2010 figures, with segment operating income up to $627 million, compared to $319 million in the previous year. The company’s fourth quarter represented a slowdown in the region, shipping fewer tyre units than in 2010 – 16.9 million vs. 17.7 million – and it predicted that 2012 would be down by up to nine per cent in European consumer business, with worse predicted for the commercial original equipment market. Chairman and chief executive officer, Richard J Kramer commented on the company’s overall sales and segment operating income records by saying the company had “successfully managed a challenging economic environment.”
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