Hankook’s 2021 Q1 financial results show consolidated global sales rising 12.6 per cent YoY to KRW 1.61 trillion (EUR 1.203 million) and an operating profit of KRW 186 billion (EUR 138 million); an increase of 75.5 per cent YoY. As the global market recovers from the impact of the pandemic, Hankook’s business has also been steadily recovering since the second half of 2020. The company is seeing sales stabilise in several major markets that include Europe, North America, and China, particularly in the high-inch tyre sector (tyres with diameters 18 inches or higher.) Global sales of high-inch tyres accounted for 38 per cent of total tyre sales, which is up 4 percentage points compared to the same period last year.
Groupe Michelin’s Capital Markets Day presentation, conducted via webcast on 8 April, set out its agenda for the next decade, putting its plans in front of leading global banks and financial firms. Circling around a central theme of sustainability, the group executive committee, led by managing chairman Florent Menegaux and general manager and chief financial officer Yves Chapot, showed how Michelin intends to “diversify while strengthening” in order to achieve its key economic and ecological targets. Chapot and Menegaux stated that expanding “non-tyre revenue” up to more than one-fifth of the group’s turnover by 2030 would make the group more agile and robust in the face of future crises. The current global health crisis has been instructive in this regard; the committee credited the development of the group’s non-tyre portfolio with assisting in its resilience over the difficulties of 2020, and now intends to continue the acceleration of its diversification. Its digital and materials innovations will simultaneously “deliver new growth,” while contributing to the overall strength of the group: a leitmotif of the committee’s presentation.
Pirelli has joined its global premium-brand tyre manufacturer counterparts in announcing a significant decline in 2020 revenue, around one-fifth down year-on-year (-19.2 per cent). As you would expect, the company said the sharp contraction was due to the Covid-19 pandemic emergency. The more optimistic news for Pirelli was the relative resilience of the high-value car tyre segment, which, at -14.4 per cent, beat the overall revenue figure significantly.
Michelin sales contracted more than 20 per cent in the first half of 2020 due to coronavirus affected markets. The 20.6 per cent contraction in sales resulted in an operating result of 310 million euros – 3.3 per cent of sales – 78.5 per cent less than in 2019 (1,438 billion euros). Volumes fell by 22.4 per cent. Operating income went from 1.381 billion to 177 million euros, while net income fell from 844 million to a loss of 137 million, with earnings per share going from 4.74 euros to a loss of 0.75 euros.
Magna Tyres Group reported a 48 per cent increase in turnover in quarter one 2019 compared to the same period last year. With a realised EBIT of 2.05 million euros, a figure three times higher than in Q1 2018, Magna Tyres Group states that it is achieving its strong growth ambitions in 2019.
18-inch-plus tyres accounted for 53.9 per cent of total Hankook Tire car tyre sales in the first quarter of 2019, a 3.3 per cent increase versus the same period last year, showing Hankook’s strengthening position in premium segments. The manufacturer reported global sales of 1.64 trillion Korean won (1.28 billion euros), up around 2 per cent on Q1 2018, and operating profit of 140.1 billion won (109.6 million euros), which was 44.1 billion won (30.7 million euros less than in Q1 2018.
Cooper Tire has seen sales and profits rise in North America, while international figures have declined considerably. Overall, this amounts to small increases for the company. The company’s international operations (outside the Americas) loss of 1 million dollars is 8 million dollars down on the operating profit of 7 million dollars in the first quarter of 2018, which is largely explained by the 5 million dollars it has spent in ending light tyre production in Melksham, Wiltshire. Cooper expects these charges to amount to between 8 and 11 million dollars in the total year.
Hella, a global automotive supplier, has concluded the first six months of its fiscal year 2018/2019 (June 1 to November 30, 2018) with positive sales and earnings despite a challenging market environment. Thus, currency and portfolio-adjusted consolidated sales rose by 7.3 per cent. Taking into account exchange rate effects and the divestment of the wholesale distribution business, the reported sales increased by 2.8 per cent to € 3.6 billion (previous year: € 3.5 billion).
During its first year as part of the Würth Group Liqui Moly has chalked up a new record turnover, but growth has been more subdued than previously. The German oil and additive specialist recorded a turnover of 544 million euros, just two per cent more than the previous year. “International trade disputes, the hot summer and increasing costs, especially the dramatically increased crude oil prices, have all contributed to the significant slowing down of our earnings growth,” says Ernst Prost, Liqui Moly CEO.
Liqui Moly rang in the last quarter of the year with a record result. In October, the company booked a turnover of 53.8 million euro. With that, the high reached eleven months ago is already history. “Our overall concept and the wide product range are the cornerstones of this success,” said Ernst Prost, managing director of the oil and additives specialist from Germany.
2017 was a good year for Liqui Moly, as CEO Ernst Prost explains: “Our turnover in 2017 was 532 million euros, an increase of 9 per cent on the 489 million euros achieved in 2016. Our profit before tax is 52 million euros. Also an increase of 9 per cent compared to the previous year. That’s what we need! Just to maintain our equity capital ratio of 80 per cent.”
The Goodyear Tire & Rubber Company has reported sales of $3.9 billion in the third quarter of 2017. This figure is up from $3.8 billion year-on-year, largely attributable to improved price/mix, which saw revenue per tyre rise five per cent over the 2016 quarter, excluding the impact of foreign currency translation. Tyre unit sales were down five per cent in total, with original equipment down nine per cent and replacement down four per cent.
German motor oil and additive manufacturer Liqui Moly has already achieved a record year having closed November with its highest ever monthly sales (45.5 million euros), and growth of 20 per cent over the previous month. Achieving 453 million euros for the first eleven months of the year, the company states that it has “significantly exceeded” its prior-year sales.