Toyo Tire & Rubber has reported net sales of 120,474 million yen (£980.8 million) for the first quarter of its current financial year, the three months to 30 June 2012. The company’s tyre business unit accounted for 96,448 million yen (£785.2 million) of these sales, 80.1 per cent of the total. Company operating income amounted to 3,529 million yen (£28.7 million), while tyre business operating income was 2,428 million yen (£19.8 million). Total net income came to 1,252 million yen (£10.2 million).
Specialty chemicals Group Lanxess reports continued growth in the second quarter of 2012, with EBITDA pre-exceptionals rising 6.8 per cent year-on-year to 362 million euros. Sales increased 8.1 per cent to 2.42 billion euros. Commenting on the results, company CEO Axel C. Heitmann said “we believe these results confirm our view of the seasonal development, and we are therefore adhering to our target of raising EBITDA pre exceptionals by five to ten per cent for the full year. Our focus on megatrends and growth regions, combined with our technological expertise, provide stability in an increasingly challenging environment.”
Yokohama Rubber reports a strong increase in both sales and earnings during the first half of 2012. As a result, it says the company is on track to post record sales and earnings for the full fiscal year. Yokohama Rubber has also upwardly revised the fiscal projections it released in February. In releasing its half-year figures, Yokohama also notes that the company shifted from an April to March financial year to a January to December reporting period this year, and therefore formal comparisons of first-half results are impossible. The percent-change figures the company gives are in reference to arbitrary, six-month sums for the same period last year.
In addition to discussing strategic plans for the coming years, today’s Apollo Tyres annual general meeting saw the release of the company’s approved unaudited results for the first quarter of India’s 2012-13 financial year, the three months to 30 June 2012. During the quarter, net sales rose 12 per cent to Rs 31.65 billion (£367.5 million) and operating profit increased 48 per cent year-on-year to Rs 3.61 billion (£41.9 million). Net profit jumped 79 per cent to Rs 1.38 billion (£16.0 million); Apollo attributes this rise to “a more judicious product and customer mix.”
On 8 August Cooper Tire & Rubber announced a quarterly dividend of 10.5 cents per share on common stock, payable 28 September 2012 to stockholders of record at the close of business 4 September 2012. This will mark the 162nd consecutive quarterly dividend the company has paid.
Commenting on Bridgestone’s second quarter financials, particularly the operating profit of 133.8 billion yen outstripping guidance of 118 billion yen and expectations of 50 per cent year-on-year growth, Deutsche Bank analyst Takashi Moriwaki says the bank sees “risk for a guidance overshoot as profitability is on an uptrend thanks to stable selling prices and declining raw material costs.”
Half year 2012 financial results for Nokian Tyres have been released, and these show the Finnish tyre maker’s sales to be 27.1 per cent up on a year ago. Nokian achieved group net sales of 798.0 million in the six months to 30 June, while operating profit increased 31.5 per cent to 217.7 million euros. Net profit went up 33.9 per cent to 182.9 million euros and earnings per share rose from 1.06 euros to 1.40 euros. Net sales, operating and net profits for the second quarter of 2012 were 413.8 million euros, 112.7 million euros and 95.4 million euros respectively.
Operating income and net income at Bridgestone Corporation increased 43 per cent and 39 per cent respectively in the first half of the 2012 fiscal year, the Japanese tyre maker reports. An operating income of 133.7 billion yen (£1.1 billion) and net income of 75.2 billion yen (£614.8 million) were achieved even though net sales only rose two per cent year-on-year to 1,488.9 billion yen (£12.2 billion) during the first half.
Wheel manufacturer Superior Industries International has reported a net income of US$6.4 million for the second quarter of 2012. This result for the three months to 30 June represents a 56.4 per cent year-on-year drop in net income despite a three per cent increase in consolidated net sales to US215.1 million. Unit shipments increased 14 per cent to 3.3 million from 2.9 million in last year’s second quarter, while gross profit was $15.7 million, or seven per cent of net sales, compared with $19.5 million, or nine per cent of net sales, in the comparable period a year ago.
MRF Ltd says its net profit increased 352 per cent year-on-year in the quarter ending 30 June 2012. The Indian tyre maker says it posted a net profit of Rs.1,445.6 million (£16.6 million) in the three-month period, up from Rs. 319.5 million in the corresponding quarter a year earlier. Net sales rose 16.6 per cent to Rs 30,118.9 million (£346.3 million) during the same period. Operating profit margin increased from 5.9 per cent to 10.7 per cent year-on-year.
US off-road tyre and wheel specialist Titan International has closed on the purchase of Perth, Australia-based Planet Corporation Group. Titan acquired 56 per cent of Planet for US$22.9 million and paid-off the Australian firm’s outstanding credit facilities of $10.5 million at closing.
Hankook Tire reports higher revenues and operating profit for the second quarter of 2012. The Korean tyre maker’s revenues rose 18.5 per cent year-on-year to KRW 1.84 trillion (£1.03 billion) in the three months to 30 June and operating profit jumped 112.1 per cent to KRW 215.5 billion (£121.15 million).
Although overall sales, volumes and operating income all decreased year-on-year, Goodyear Tire & Rubber nevertheless managed to increase its revenue per tyre in the second quarter of 2012. The US tyre maker reports sales of $5.2 billion during the three months to 30 June, eight per cent lower than in the second quarter of 2011 and reflecting weaker economic conditions and unfavourable foreign currency translation. Operating income decreased $46 million year-on-year to $336 million. Tyre unit volumes totalled 39.2 million in the quarter, down nine per cent from 2011 and reflecting weaker replacement sector volumes, most notably in Europe. Revenue per tyre increased eight per cent, while net income amounted to $85 million (33 cents per share), up from $40 million (16 cents per share) in the 2011 quarter.
Alongside news of its all-share offer for Titan Europe, Titan International reported record second quarter sales and operating profit. Sales during the three months to 30 June were, at US$459.2 million, 14 per cent higher than in the corresponding quarter of 2011. Gross profit increased 28 per cent to $82.1 million, or 17.9 per cent of net sales. Second quarter income from operations was $81.0 million, up 82 per cent compared with last year’s second quarter result of $44.4 million. Adjusted net income for the second quarter was $28.8 million, compared to $23.7 million in the second quarter of last year.
Even though its sales only increased 5.95 per cent during the first half of the current financial year, Michelin has managed to boost its net income a healthy 37.2 per cent during the period. The French tyre maker’s net sales in the six months to June 30 amounted to 10.71 billion euros, up from 10.11 billion a year earlier. From this total, 5.5 billion euros was generated from the sale and distribution of passenger car and light commercial vehicle tyres, 3.27 billion from truck tyres, and 1.9 billion from specialty businesses. Operating income (before non-reoccurring items) rose 35.9 per cent per cent to 1.32 billion euros and operating margin grew from 9.6 per cent to 12.3 per cent. Net income for the period increased from 971 million euros in the first half of 2011 to 1.42 billion euros during the reporting period.