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You are here: Home1 / financial reports

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Nokian Q1 shows strong growth with Ukraine war effects set to bite in Q2

Company News
Nokian Tyres

The effects of the Ukraine war are not present in Nokian’s first quarter reporting, published on 28 April. The company has seen good levels of Q1 growth versus 2021, especially in its car tyre sales, but also in its commercial tyre business. However, with the manufacturer highly leveraged on Russian manufacturing and European sanctions against the country ramping up, it has announced to investors that all bets are off regarding its 2022 forecasts. The negative effects are largely related to passenger car tyre sales – Nokian explains that its “Heavy Tyres” are produced in Finland. It adds that while it has stopped the distribution of these products in Russia, “Nokian Tyres has never sold tyres to the Russian army, and the Russian Federation is not a customer of Nokian Tyres.”

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Related news:

  1. Nokian moves selected tyre production out of Russia
  2. Nokian Tyres staying in Russia
  3. Nokian to invest $360 million in new US tyre factory
  4. Bridgestone lost some data in Americas ransomware attack
29th April 2022/1 Comment/by Andrew

Pirelli: Profits will remain in lower end of range, despite Russia-Ukraine crisis

Company News, International News

While announcing its latest financial results, Pirelli has shared details of the steps it has taken to mitigate the impact of the “Russia-Ukraine crisis”. Writing on 23 February, executives explained that Pirelli has conducted an initial analysis of the situation and steps required.

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Related news:

  1. Nokian Tyres drops 2022 guidance due to Russian invasion
  2. How will war in Ukraine impact European tyre production?
  3. Rosneft responds to its inclusion on sanctions list
  4. Hauling Out of the Recessionary Market
1st March 2022/by Chris

Nokian Tyres drops 2022 guidance due to Russian invasion

Company News, International News
Nokian Tyres

Nokian has dropped its 2022 financial guidance as a result of the invasion of Ukraine by Russia where Nokian runs a tyre manufacturing plant in Vsevolozhsk, near Saint Petersburg.

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  1. Sanction-hit tyremaker Belshina patriotic amid war in Ukraine
  2. Rosneft responds to its inclusion on sanctions list
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  4. Cooper acquisition is a game changer – Apollo MD talks to T&A
28th February 2022/by Chris

Pirelli lifts full-year sales forecast following strong Q3 figures

Company News, International News

Pirelli is raising its full-year 2021 sales forecast off the back of better-than-expected performance in the third quarter of 2021, a trend that was particularly driven by performance in the so-called “high value” tyre segment. According to the Italian tyre manufacturer’s nine-month figures, which were published on the evening of 11 November, sales rose 28.6 per cent to almost 4 billion euros. At the same time, Pirelli more than doubled its earnings and can now report a pre-tax profit margin (EBIT) of 15 per cent.

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  1. Pirelli previews latest P Zero tyre in Geneva
  2. Porsche Taycan sets 102mph indoor land speed record on OE tyres
  3. McLaren makes 20,000th car
  4. Pirelli exclusively supplying OE on new Aston Martin DBX
12th November 2021/by Chris

Michelin third-quarter 2022 sales ‘strong’ – analysts

Company News, International News

Following the news that Michelin reported third-quarter 2022 group sales of 6,012 million euros, financial analysts responded by describing the company’s results as “strong”. Michelin’s third-quarter sales figure is both up 8.7 per cent year-on-year and 3.6 per cent above the consensus of analyst expectations (5,801 million euros).

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  1. Were communications issues behind premium tyremakers share price drop?
  2. Michelin publishes Universal Registration Document
  3. Michelin sales contract 20.6% in first half of 2020
  4. Conti shares rated as a post-US election ‘buy’
29th October 2021/by Chris

Goodyear sales significantly up after Cooper merger completed

Company News

Goodyear has increased operating income considerably in the second quarter of 2021, thanks in part to its merger with Cooper Tire, completed on 7 June. Net income totalled $67 million (£48.45 million at today’s exchange rate $1.00 = £0.72) versus a loss of $696 million (£503 million). Second-quarter sales were $4 billion (£2.89 billion), a rise of 86 per cent versus the second quarter of 2020, which was heavily affected by the Covid-19 pandemic. In the year to date, Goodyear has sold 40 per cent more tyres than in the same period of 2020, with both replacement tyres (41 per cent) and original equipment tyres (39 per cent) assisting in this rise. Cooper sales between the merger completion date and 30 June (the end of the second quarter) totalled $256 million (£185 million). This figure excludes calculations relating to Cooper inventory and assets.

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  1. The Goodyear/Cooper combination’s synergies; global headquarters to be in Akron
  2. Goodyear gives Ryan Patterson responsibility for Cooper integration
  3. Goodyear-Cooper takeover gains Chinese antitrust approval
  4. Goodyear launches private offering to raise funds for Cooper Tire acquisition
10th August 2021/by Andrew

Hankook’s sales and operating profit increase in Q2

Company News

Hankook Tire’s 2021 Q2 financial results show consolidated global sales of KRW 1.806 trillion (EUR 1,336 million) and an operating profit reaching KRW 187 billion (EUR 138 million). Sales and operating profit rose 32.4 per cent and 167.1 per cent YoY and 11.7 per cent and 0.6 per cent QoQ respectively. In particular, sales of both original equipment (OE) tyres and replacement (RE) tyres grew compared to the same period last year. In addition, global sales of 18 inches and higher tyres accounted for 38 per cent of total passenger car and light truck tyre sales, a YoY increase of 5.4 percentage points.

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  1. More than half of Hankook global car tyre sales over 17”
  2. Hankook Tire’s Q1 figures show increased turnover and operating profit
  3. Hankook’s new European HQ
  4. Michelin top, Conti moves up to 3rd – all change at the top of the 2021 Leading Tyre Companies table
4th August 2021/by Peter Gardner

Trelleborg reports ‘strong’ second quarter as agri tyres lead pandemic bounce

Company News
Trelleborg

Trelleborg has reported a strong second quarter, representing both large sales growth on 2020’s Covid-19 affected second quarter and significant sales growth on the same period in 2019. The company’s three business areas – Industrial Solutions, Sealing Solutions, and Wheel Systems – contributed to this growth, with sales of agricultural and materials handling tyres notably showing a “significant upturn”. However, spiking raw materials costs in the tyre segment have simultaneously affected Trelleborg’s margin on such products. The manufacturer expects gradually implemented price hikes to offset these additional costs.

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  1. 50 by 25 – Trelleborg announces CO2 reduction target
  2. Trelleborg Group appoints Paolo Pompei business area president
  3. Trelleborg Wheel Systems introduces latest tyres, solutions at BAUMA
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23rd July 2021/by Andrew

Hankook Tire’s Q1 figures show increased turnover and operating profit

Company News
Hankook

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.

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  1. More than half of Hankook global car tyre sales over 17”
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7th May 2021/by Peter Gardner

Michelin presents sustainability-infused strategy to capital markets

Company News, Premium
Michelin

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.

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  1. Bridgestone Enliten technology gets premiere on Volkswagen ID.3
  2. Michelin sales contract 20.6% in first half of 2020
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  4. Michelin UK resuming production at Stoke retreading factory
14th April 2021/by Andrew

Pirelli 2020 figures reveal high-value tyre segment resilience

Company News

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.

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12th March 2021/by Andrew

Michelin sales contract 20.6% in first half of 2020

Company News
Michelin

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.

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30th July 2020/by Andrew

Michelin publishes Universal Registration Document

Company News

Michelin has released its Universal Registration Document, a tome exceeding 400 pages that contains a wealth of corporate information.

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  1. Michelin Receives Best Annual Report Prize
  2. Michelin Updates Analyst Consensus
  3. Michelin acquires share in fuel cell firm
  4. Michelin: Strong euro holds back Q1 2018 turnover
24th April 2020/by Stephen

Magna Tyres Group reports ‘strong first quarter’

Company News

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.

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10th May 2019/by Andrew

More than half of Hankook global car tyre sales over 17”

Company News

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.

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  4. Michelin the number one consumer researched tyre brand: Tyre Reviews
2nd May 2019/by Andrew
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