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Titan International reduces debt, loss from operations

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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  1. Apollo Tyres maintains turnover, increases profits
  2. Titan International increases sales, reduces net loss in Q1 2017
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EMEA tyre business supports Goodyear Q3 results

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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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  1. Goodyear reaffirms 2015 targets with ‘strong’ 2Q results, despite EMEA troubles
  2. Charges deflate Goodyear’s strong operating performance
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  4. Goodyear defers dividend as volumes drop 18% in Q1 2020
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Apollo Tyres: Stable sales in Europe, but profits further in the red

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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  1. Apollo Tyres looking for ‘healthy topline growth’ after 22% sales increase in FY 2017-18
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Strong Q3 performance – Michelin revises 2020 guidance upward

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

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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Prinx Chengshan: Increased profits despite corona

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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Goodyear reports Q2 net loss of US$696 million

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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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  1. Goodyear defers dividend as volumes drop 18% in Q1 2020
  2. Goodyear suggests tyre label incentives, mandatory truck TPMS
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Apollo Tyres’ full-year earnings fall to 4.76 billion rupees

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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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  1. Apollo Tyres lifts profit margin to 18.7% in April-June quarter
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Toyo Tire net sales down 9.8% in Q1

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

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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  1. Hankook Tire: Lower profits in H1 2019
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Goodyear defers dividend as volumes drop 18% in Q1 2020

Preliminary results for the first quarter of The Goodyear Tire Rubber Company’s 2020 financial year were published today, with the company confirming its fiscal performance during the three months to 31 March was “greatly affected by the economic disruption associated with the COVID-19 pandemic.” Tyre unit volumes declined 18 per cent year-on-year to approximately 31 million units and sales dropped 16.7 per cent to around US$3.0 billion.

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  1. Goodyear reaffirms 2015 targets with ‘strong’ 2Q results, despite EMEA troubles
  2. Goodyear: Q3 2018 results
  3. Goodyear reports Q2 net loss of US$696 million
  4. Goodyear suspends European tyre production in response to Covid-19
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Nokian Tyres: Strong Heavy Tyres performance maintains sales in 2019

In spite of what it calls a “soft” market for car tyres in Europe last year, Nokian Tyres maintained its level of net sales throughout the period. Operating profit was lower year-on-year, and profit considerably increased. Operating profit is expected to take another tumble in 2020.

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Hankook Tire: Operating profit lower in Q3 2019

Hankook Tire has reported consolidated global sales of KRW 1,833.2 trillion (£1.2 billion) for Q3 2019, a 4.4 per cent increase compared with the third quarter of last year. EBITDA declined 3.2 per cent to KRW 333 billion (£223.0 million), with the margin decreasing 1.4 percentage points to 18.2 per cent. Operating profit amounted to […]

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Hella outperforms automotive sector in 2018/19

Automotive supplier Hella has ended the fiscal year 2018/2019 (1 June 2018 to 31 May 2019) with an increase in sales and earnings. Currency and portfolio-adjusted sales have risen by 5.0 per cent compared to the previous year. Reported sales decreased to 7.0 billion euros (previous year: 7.1 billion euros) as a result of divestment from the wholesale business and taking the effects of exchange rates into consideration.

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