Tag: financial results
Kumho confirms interim as permanent CEO, announces loss
Kumho Tire has appointed its interim CEO as the new permanent CEO following reports it was struggling to find a suitable candidate. South Korean media sources report that the Board approved the appointment of vice president Jeon Dae-Jin (60) yesterday. Kumho also reported a net loss for the fourth consecutive year in its annual financial report.
Michelin’s growing speciality tyres business helps manufacturer register positive 2018 result
Michelin sales rose by 0.3 per cent in 2018 to more than 22 billion euros, while operating income increased by 1.2 per cent.
Continental Q3 2018 results
German tyre and automotive systems manufacturer Continental AG has reported Q3 2018 sales of 10.8 billion euros, a result just a whisker higher than the company achieved a year earlier. Adjusted EBIT amounted to 771.8 million euros, 30.1 per cent lower than last year’s result. Adjusted EBIT of 771.8 million equates to an adjusted operating margin of 7.2 per cent; the margin was 10.3 per cent in Q3 2017.
Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
Yokohama Rubber Co., Ltd. reports a 1.2 per cent year-on-year increase in sales revenue in the nine months to 30 September 2018, however profit indicators were lower than in the first three quarters of last year. The tyre and rubber products manufacturer has also revised its full-year fiscal projection in light of operations at its US tyre plant.
Goodyear: Q3 2018 results
Goodyear Tire & Rubber has reported Q3 2018 sales of US$3.9 billion, slightly up on a year earlier; improved volume, price/mix and higher sales in other tyre-related businesses were “substantially offset” by unfavourable foreign currency translation.
Lower earnings for Pakistan’s Gentipak in 2017-18
General Tyre and Rubber Company of Pakistan Limited reports net sales for the financial year ending 30 June 2018 increased 22.2 per cent year-on-year to PKR 11,785.5 million (£78.7 million). Profit from operations amounted to PKR 1,190.1 million (£7.9 million), down 8.7 per cent on the previous year’s result. Total comprehensive income for the year was PKR 671.4 million (£4.5 million), 20.7 per cent lower than in the 2016-17 financial year. Earnings per share amounted to PKR 11.97 (2016-17: PKR 14.75).
Delticom: Income significantly up in H1 2018
During the first half of 2018, online tyre retailer Delticom achieved revenues of 290.5 million euros, a year-on-year decrease of 2.2 per cent. EBITDA rose 36.0 per cent to 6.8 million euros and the margin increased from 1.7 per cent to 2.3 per cent. EBIT was up 16.2 per cent year-on-year to 3.2 million euros and net income increased 150.0 per cent to 2.0 million euros
Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’
For Toyo Tire & Rubber, the first half of 2018 was a period of mixed fortunes. The manufacturer reports that turnover and earnings within its core tyre business increased 3.9 per cent during the six months to 30 June, with sales of 160,046 million yen (£1.1 billion) and operating income of 22,669 million yen (£160.8 million) resulting in a slightly improved profit margin of 14.2 per cent. Overall sales were down 3.3 per cent, to 185,738 million yen (£1.3 billion), due to decreased turnover within the company’s automotive parts business.
MRF more than doubles profit in Q1 2018-19
In spite of lower year-on-year sales, MRF Ltd. more than doubled its net profit in the three months to 30 June 2018.
Nokian Tyres increases sales, profits
Sales and profits headed in the right direction for Nokian Tyres in the second quarter and first half of 2018. The Finnish tyre maker reports a 6.4 per cent increase in net sales, to 429.1 million euros, in the six months to 30 June. Operating profit during this period rose 10.7 per cent year-on-year to 169.3 million euros and the operating margin reached 22.1 per cent (21.3 per cent in H1 2017). Profit for the period amounted to 134.1 million euros, 15.2 per cent higher than a year ago, and earnings per share rose to 0.97 euros.
Sales, profit up at Yokohama Rubber in Q2 2018
Yokohama Rubber Co., Ltd. reports that its sales revenue increased 1.8 per cent in the first half of 2018, to 309.7 billion yen (£2.2 billion). Business profit (sales revenue less the sum of cost of sales and selling, general and administrative expenses) rose 9.5 per cent year on year to 23.8 billion yen (£166.7 million) and operating profit was up 32.3 per cent to 26.4 billion yen (£184.9 million). The company says these operating profit and sales revenue figures were the highest it ever recorded. Profit attributable to owners of parent increased 19.2 per cent year-on-year, to 17.8 billion yen (£124.7 million).
Bridgestone: Tyre business increases in significance in Q2 2018
Turnover at Bridgestone Corporation increased 2.8 per cent year-on-year to 915.5 billion yen (£6.4 billion) during the second quarter of 2018. Sales within the company’s tyre business contributed 758.9 billion yen (£5.3 billion) towards total turnover, growing 3.7 per cent over the prior-year result.
Significant rise in Hella sales and earnings
Lighting and electronics specialist Hella has continued its profitable growth path in the fiscal year 2017/2018 (June 1, 2017 to May 31, 2018).
Superior Industries: Acquired European operation boosts Q2 2018 results
Record unit shipments and net sales were the headline news upon the release of Superior Industries International Inc.’s financial results for the second quarter of 2018 – a performance resulting from the company’s acquisition of Uniwheels last year. The company has also slightly raised its income and EBITDA projections for the entire year.
Pirelli: H1 2018 financial results
Pirelli & C. SpA has published its financial results for the first half of 2018. The key figures show a 2.0 per cent year-on-year decline in revenues to 2.63 billion euros despite organic growth of 5.5 per cent; adjusted EBIT rose 6.8 per cent to 473.3 million euros and the margin increased from 16.5 per cent (H1 2017) to 18.0 per cent; Net income (before discontinued operations) was up 169.1 per cent to 181.9 million euros.