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You are here: Home1 / financials

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Bridgestone FY2020: First net loss in 7 decades

Company News

The corona crisis has left its mark on Bridgestone Corporation, with the Japanese firm reporting for the 2020 fiscal year its first net loss in 69 years, a loss of 23.3 billion yen (£159.2 million). The operating result also fell significantly: While revenue decreased 14.6 per cent to 3.0 trillion yen (£20.5 billion), adjusted operating profit plummeted 35.0 per cent to 222.9 billion yen (£1.5 billion), representing a 7.4 per cent return on sales.

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Related news:

  1. Bridgestone: Sales, operating income up in 2015, net income declines 5.4%
  2. Bridgestone: Operating profit down 3.1% in Q1 2018
  3. Goodyear defers dividend as volumes drop 18% in Q1 2020
  4. Michelin reports reduced sales, income for 2020
16th February 2021/by Stephen

Michelin reports reduced sales, income for 2020

Company News

Against the backdrop of the global coronavirus pandemic, Michelin Group reported sales of 20.5 billion euros in 2020, down 15.2 per cent. Segment operating income was 1.9 billion euros, representing 9.2 per cent of sales. Net income amounted to 625 million euros and was thus 63.9 per cent lower than in the previous year.

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  1. Goodyear defers dividend as volumes drop 18% in Q1 2020
  2. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
  3. Nokian Tyres: Lower sales & earnings in 2020
  4. Michelin producing surgical masks in 10 European plants
16th February 2021/by Stephen

Nokian Tyres: Lower sales & earnings in 2020

Company News

Jukka Moisio is “extremely proud” the Nokian Tyres team’s response to the challenges it faced in 2020. But no amount of pride can compensate for sales and income lost due to lockdowns and other restrictions. As expected, the Finnish tyre maker reported reduced sales and earnings for the year.

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Related news:

  1. Russia continues to pound Nokian Tyres’ sales and profits
  2. Goodyear defers dividend as volumes drop 18% in Q1 2020
  3. Nokian Tyres back at work in the USA
  4. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
12th February 2021/by Stephen

Apollo Tyres: Net profits up 155% in Q3 2020-21

Company News

Apollo Tyres reports improved sales and significantly higher net profit in the three months to 31 December 2020, the third quarter of its 2020-21 financial year. The bottom-line result for the year to date is admittedly less impressive, as net profits have been watered down by costs associated with the restructuring of the Apollo Vredestein facility in Enschede, the Netherlands.

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Related news:

  1. Apollo Tyres: Stable sales in Europe, but profits further in the red
  2. Apollo Tyres lifts profit margin to 18.7% in April-June quarter
  3. Apollo Tyres maintains turnover, increases profits
  4. Warburg Pincus investing £117 million in Apollo Tyres
4th February 2021/by Stephen

Titan International reduces debt, loss from operations

Company News

Titan International is currently in the midst of its planning process for 2021, and Paul Reitz says the company has “plenty of reasons to be optimistic.” He opines that Titan has navigated the challenges brought by the corona pandemic well and is thus positioning itself for a “stronger 2021”. The president and chief executive officer’s comments came as Titan International reported its financial results for the third quarter of 2020, a period in which it managed to reduce its net loss by more than a third compared with Q3 2019.

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Related news:

  1. Apollo Tyres maintains turnover, increases profits
  2. Titan International increases sales, reduces net loss in Q1 2017
  3. Nokian Tyres: ‘Good development’ despite currency headwinds in Q1 2018
  4. Lower earnings for Pakistan’s Gentipak in 2017-18
12th November 2020/by Stephen

EMEA tyre business supports Goodyear Q3 results

Company News, International News

Goodyear Tire and Rubber reported Q3 2020 net losses of US$2 million compared to net income of $88 million in the same quarter a year ago. The company reported segment operating income of $162 million in Q3 2020, down $132 million from a year ago. According to the company, the decline primarily reflects lower volume, reduced factory utilization and lower earnings from other tyre-related businesses.

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Related news:

  1. Goodyear reaffirms 2015 targets with ‘strong’ 2Q results, despite EMEA troubles
  2. Charges deflate Goodyear’s strong operating performance
  3. Goodyear: Q3 2018 results
  4. Goodyear defers dividend as volumes drop 18% in Q1 2020
11th November 2020/by Chris

Apollo Tyres: Stable sales in Europe, but profits further in the red

Company News

Apollo Tyres had to accept a drop in its turnover and earnings in the half-year to 30 September 2020, with the notable exception of sales in Europe. The company’s global sales in the first half of its current April 2020 to March 2021 financial year were Rs 70.62 billion (£728.85 million), 13.9 per cent less than the sales it gained a year earlier. Net profit dropped 71.1 per cent year-on-year to Rs 650 million (£6.71 million).

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Related news:

  1. Apollo Tyres looking for ‘healthy topline growth’ after 22% sales increase in FY 2017-18
  2. Apollo Tyres maintains turnover, increases profits
  3. Apollo Tyres: Netherlands car tyre production down, but not out
  4. Apollo Vredestein plant restructuring: Dutch politicians seek answers from European Commission
5th November 2020/by Stephen

Strong Q3 performance – Michelin revises 2020 guidance upward

Company News

Good news in a year where this has been in short supply: Michelin reports that global demand for its tyres “picked up more strongly than expected” in the third quarter of 2020 after falling steeply in the second quarter. That said, demand is still below where it was this time last year.

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Related news:

  1. Michelin reports 6% rise in net income for H1 2018
  2. Michelin temporarily closes some European factories, car tyre demand down 9%
  3. Tyre demand declining 15 to 26 per cent in 2020
  4. Goodyear reports Q2 net loss of US$696 million
23rd October 2020/by Stephen

Continental: Rubber Technologies achieves 15% EBIT margin in Q3 2020

Company News

Continental has reported its Q3 2020 financial results, and these are better than many expected. Although quarterly consolidated sales of 10.295 billion euros were 7.3 per cent below the 11.303 billion euros reported in Q3 2019, the adjusted EBIT margin of 8.1 per cent was 2.5 per cent higher. The Rubber Technologies division, which includes Continental’s tyre business, was crucial to this success.

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Related news:

  1. Conti Completes Bookbuilding of New Shares
  2. We’re Back on the Road to Success, Conti Shareholders Told
  3. Schaeffler “on course” to meet 2011 targets
  4. Conti growth ‘sets new records’
22nd October 2020/by Stephen

Prinx Chengshan: Increased profits despite corona

Company News
Prinx Chengshan

In spite of COVID-19, Prinx Chengshan managed to increase its net profit in the first half of 2020, a feat aided in part by a prompt response to the pandemic. Sales revenue for Prinx Chengshan (Cayman) Holding Limited and its subsidiaries in the six months to 30 June 2020 came to RMB 2,844.0 million (£317.2 million), 1.0 per cent less than in the same period of 2019. Gross profit rose 9.9 per cent year-on-year to RMB 606.3 million (£66.7 million) and net profit increased 1.6 per cent to RMB 265.3 million (£29.2 million).

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Related news:

  1. Prinx Chengshan invests £19 million in purchasing land for new Thailand tyre factory
  2. Auto industry will look to China for rebound insights – GlobalData
  3. Goodyear defers dividend as volumes drop 18% in Q1 2020
  4. Coronavirus creates shipping problems for tyre importers
4th September 2020/by Stephen

Goodyear reports Q2 net loss of US$696 million

Company News, International News
Goodyear

Goodyear Tire & Rubber reported a Q2 2020 net loss of $696 million ($2.97 per share) compared to net income of $54 million ($0.23 per share) a year ago in financial results released 31 July 2020. Goodyear’s second quarter 2020 sales were $2.1 billion, down 41 per cent compared with a year ago. According to the company, the decline was driven by “lower industry volume and reduced sales from other tyre-related businesses.” However, there are signs that demand is improving.

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Related news:

  1. Goodyear defers dividend as volumes drop 18% in Q1 2020
  2. Goodyear suggests tyre label incentives, mandatory truck TPMS
  3. Goodyear reaffirms 2015 targets with ‘strong’ 2Q results, despite EMEA troubles
  4. 50% drop in tyre sales in Q2 – Goodyear
4th August 2020/by Chris

Apollo Tyres’ full-year earnings fall to 4.76 billion rupees

Company News, International News
Apollo

Apollo Tyres, the India-based tyre manufacturer that owns the Vredestein brand, has reported fourth-quarter 2019 financial results that show sales and earnings fell significantly.

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Related news:

  1. Apollo Tyres lifts profit margin to 18.7% in April-June quarter
  2. Apollo Tyres maintains turnover, increases profits
  3. Apollo Tyres looking for ‘healthy topline growth’ after 22% sales increase in FY 2017-18
  4. Apollo maintains profit margins despite Africa costs
21st May 2020/by Chris

Toyo Tire net sales down 9.8% in Q1

Company News, International News
Toyo Q1 2020 financials Toyo

In the first quarter of 2020 Toyo Tire Corporation reported net sales of 82,094 million yen a decrease of 8,049 million yen (-9.8 per cent) compared with the first quarter of 2019. Its operating income for the quarter was 6,936 million compared to 10,174 million yen (-31.87%) in the first quarter of 2019.

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Related news:

  1. Toyo issues post-earthquake statement
  2. Toyo sells half its Bridgestone shares
  3. Conti Completes Bookbuilding of New Shares
  4. Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’
18th May 2020/by Chris

Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire

Company News

Hankook Tire has reported consolidated global sales of KRW 1.4358 trillion (£945.0 million) for the first quarter of 2020, around 12.6 per cent less than in the opening quarter of last year. Operating profit decreased 24.8 per cent year-on-year to KRW 105.9 billion (£69.7 million).

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Related news:

  1. Hankook Tire: Lower profits in H1 2019
  2. Goodyear defers dividend as volumes drop 18% in Q1 2020
  3. Goodyear preparing to restart European truck tyre production
  4. Predictive fault monitoring making Hankook Tire’s plants run more smoothly
7th May 2020/by Stephen

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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Related news:

  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
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