Tag: financials
Goodyear reports Q1 2019 net loss
Sales and income were down at Goodyear Tire & Rubber in the first quarter of this year. Revenue in the three months to 31 March 2019 declined six per cent to US$3.6 billion; Goodyear attributes this result to unfavourable exchange rates and lower volume in its international businesses. The company reported first quarter segment operating income of $190 million in 2019, down from $281 million a year ago.
Continental: Sales stable, EBIT lower in Q1 2019
Sales at Continental remained level in the first quarter of 2018, matching the 11.0 billion euros achieved a year earlier. Adjusted EBIT for the period amounted to 884 million euros, a 17.1 per cent year-on-year decrease. The adjusted EBIT margin was 8.1 percent (9.7 per cent in Q1 2018).
Michelin sales up 9.3% in Q1 2019
Michelin Group reports a 9.3 per cent increase in sales (at constant exchange rates) to 5.8 billion euros in the first quarter of 2018, a result it says was achieved “in difficult markets.” The company also notes that these sales “reflect the major contribution” of its recent acquisitions, Camso and Fenner.
Apollo Tyres: Q2 2018-19 financials
Sales and profits were higher year-on-year during the second quarter of Apollo Tyres’ 2018-29 financial year. The company reports a 23 per cent rise in sales, to Rs 41.92 billion (£447.8 million) in the three months to 30 September 2019. Operating profit rose 25 per cent during the quarter, to Rs 4.80 billion (£51.5 million), while net profit was, at Rs 1.46 billion (£15.6 million), four per cent higher than a year earlier.
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.
Hankook Tire: Lower OE volumes, costs in US drag operating profit down
Hankook Tire has announced its financial results for Q3 2018. In the three months to 30 September, the tyre maker achieved consolidated global sales of KRW 1.7557 trillion (£1.2 billion), 3.8 per cent less than in the third quarter of 2017. At KRW 184.6 billion (£126.0 million), operating profit was down 13.8 per cent.
UK car production a factor in lower Q3 2018 volumes for Superior Industries Inc.
Declining car production in the UK has contributed towards lower wheel unit shipments in the third quarter of 2018, reports Superior Industries International, Inc. Compared with the prior-year period, Q3 2018 shipments were down 300,000 units to 4.7 million.
Michelin confirms guidance for 2018
After reviewing the main external factors, namely the markets, raw materials costs and currency effects, Michelin has confirmed its guidance for 2018.
Pirelli: No significant market changes
According to a statement published yesterday, Pirelli doesn’t expect that a possible deterioration in the tyre market will influence its projected performance in the 2018 financial year.
Continental downwardly revises 2018 guidance
Continental has updated its guidance for the 2018 fiscal year to reflect lower sales expectations, cost increases and warranty claims. The tyre maker and automotive parts and systems company now anticipates sales (including all expected negative exchange-rate effects) of approximately 45 billion euros rather than the previously forecast 46 billion euros. Expectations for adjusted EBIT margin have been revised from more than ten per cent to more than nine per cent.
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.