Tag: foreign exchange

Trelleborg raising agri and forestry tyre prices in UK

22nd July 2016 | 0 Comments

Trelleborg is increasing the price of its agricultural and forestry tyres in the UK by 6 per cent. The price rise is set to take effect across the UK effective 1 August 2016.

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Even cheaper Chinese tyres?

14th August 2015 | 0 Comments

While ChemChina’s deal with Camfin to take over Pirelli officially got under way this month, not everyone connected to the economy in the People’s Republic was looking so positive. The stock market has been in freefall and industrial production looks to have taken a big hit. The Chinese state’s answer? To devalue the national currency (the yuan renminbi or RMB) three times in a week and make already cheap Chinese exports even cheaper.

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GRI increases industrial tyre prices

8th April 2015 | 0 Comments

GRI (Global Rubber Industries), an industrial tyre manufacturer based in Sri Lanka, has announced plans to raise prices by between 8 per cent and 9.5 per cent. According to statement released by the company, the precise price increase depends on which country in the European market and is effective from 1 May 2015.

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Marangoni Industrial Tyres announces mid-May price hike

31st March 2015 | 0 Comments

Marangoni Industrial Tyres has announced an eight per cent increase in the selling price of its tyres from 15 May. Marangoni said the price rises will be applied to markets invoiced in euros. Lorenzo Stringari, Marangoni Industrial Tyres sales director, stated: “So far, we have managed to reduce the negative impact of the US dollar/euro exchange rate, keeping down costs and thus avoiding extra costs for our customers.

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Analysts: Michelin 1Q figures below consensus

25th April 2014 | 0 Comments

Following the publication of Michelin’s first quarter 2014 revenues, which show a 2.4 per cent drop in group sales, market analysts have responded by pointing out that the 4.758 billion euro figure fell just short of the 4.765 billion euro average of expectations. Nevertheless Michelin has held to its 2014 objectives including increasing volumes 3 per cent; increasing operating income before non-recurring items; and achieving structural free cash flow of greater 500 million euros along with capital expenditure of 2 billion euros.

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Pirelli reports increased sales but flat profits in 2013

28th March 2014 | 1 Comment

Pirelli & C. SpA today reported full-year 2013 consolidated revenues of 6,146.2 million euros on 31 December, an increase of 1.2 per cent from 6,071.5 million euros a year earlier. Tyre revenues, which account for almost all of the company’s sales totalled 6,115.8 million euros in 2013, an increase of 1.4 per cent from 6,031.3 million euros. Full year tyre-derived pre-tax profits (EBIT) were 822.0 million euros, an increase of 1.2 million euros (+0.1 per cent) compared with 820.8 million euros in the same period a year earlier, with a margin equal to 13.4 per cent (13.6 per cent in 2012). However, whether it will be enough to allay pre-release market fears that emerging market exchange rates and particular Russian market instability remains to be seen.

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Pirelli Tyre Revenues Expected to Increase in Fourth Quarter

8th March 2010 | 0 Comments

Pirelli & C SpA is scheduled to reports its fourth quarter results and 2010-11 guidance on March 10. Deutsche Bank Equity Research anticipates that in the fourth quarter Pirelli Tyre revenues should benefit from a volume increase (Deutsche Bank estimates a 15% increase) compared with decreases in the previous nine months, a negative price mix (a price mix of -2% versus +6.9% in Q1, +5.6% in Q2 and +4.7% in Q3) which Deutsche Bank believes has allowed Pirelli to gain market share on the continued discipline of manufacturers, and a 2 per cent positive foreign exchange impact. Furthermore, says Deutsche Bank, margins should benefit form low raw material prices, as the large price increases for these commodities took place in 2010.

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Goldman Sachs, Keybanc Downgrade Goodyear

23rd February 2009 | 0 Comments

Market analysts at Keybanc and Goldman Sachs have downgraded their stock ratings for Akron, Ohio-based Goodyear Tire to “underweight” and “sell” respectively. Goldman Sachs reduced the stock from “Neutral” to “Sell” noting the company’s fortunes are linked to the success or otherwise of the Detroit carmakers. Goldman predicted analysts’ estimates for 2009 would also have to be cut. Meanwhile a Keybanc analysts listed the headwinds Goodyear is facing: "Lower volume globally, unabsorbed overheads, raw material costs that will substantially exceed price/mix in the first half of 2009, but should turn positive in the second half, significantly higher pension costs; foreign exchange working against the company, and disruptions associated with capacity reductions are all challenges Goodyear Tire faces this year.” The bank revised its earning per share estimate to a loss of $0.50. “For 2010 our initial estimate is a profit of $0.85. We have low confidence in both estimates and both exclude what will be very large restructuring/plant closing and severance expenses,” Keybanc concluded, noting that these estimates are likely to change during the course of the year.

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Profits Slump at Gajah Tunggal in 2007

2nd August 2007 | 0 Comments

Indonesia's PT Gajah Tunggal Tbk and the company's subsidiaries achieved a net profit of IDR72.649 billion (£3.87 million) during the January to June 2007 half-year period. This figure is a drop of more than 42 per cent on the IDR126.102 billion (£6.7 million) profit enjoyed during the same period of 2006. This drop in profit came despite an 21.3 per cent increase in net sales, up from IDR2.633 trillion (£141.4 million) to IDR 3.218 trillion (£171.6 million) and operating profits that were 60.61 per cent higher at IDR 339.538 billion (£18.1 million). The explanation given by Gajah Tunggal management for the reduced profit indicated that the sluggish 2007 result resulted from a foreign exchange loss that reached IDR14.262 billion (£760,000) and an interest expense valued at IDR181.048 billion (£9.6 million).

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Michelin Q1 Sales Praised

27th April 2007 | 0 Comments

Analysts have praised Michelin’s strong first quarter sales which saw sales increase 9.5 per cent when restated from foreign exchange impact. The company also reported market share gains of 4.9 and 4.4 per cent in Europe and the US respectively. “…this gives us comfort in our first half EBIT of 900 million euros, 40 per cent (250 million euros), significantly above consensus,” Deutsche Bank analysts commented, reporting the consensus as 765 million or 120 million euros. Meanwhile Thomas Aney of Dresdner Kleinwort maintained his “hold” rating on Michelin, while raising his estimates for the company.

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Stormy Outlook for Tyre Manufacturers – Business Week

3rd April 2006 | 0 Comments

The outlook for global tyre manufacturers looks like being "a bumpy ride", says Business Week. With the global tyre business worth an estimated US$70 billion, the major players are facing pressure from increased raw material prices and the growing burden of employee benefit costs.

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Upward Re-Revision of Forecasts

25th October 2005 | 0 Comments

The Yokohama Rubber Co, Ltd has announced a 2.3 per cent increase over its initial forecast for the first half of 2006 (1 April 2005 to 30 September 2005). This means the company expects to record 200 billion yen in net sales, 3.5 billion yen increase in ordinary profit (a 133.3 per cent increase) and 13 billion yen in net income (up 8.3 per cent). According to Yokohama, these upward revisions reflect an increase in the volume of sales in the company’s overseas tyre business, profit improvements in North America, and the weaker-than-expected foreign exchange rate of yen.

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Gajah Tunggal Posts a Drop in Net Profit

15th April 2005 | 0 Comments

Indonesia’s Gajah Tunggal has reported a 4.11 per cent decline in net profit to Rp478.15 billion (£31.2 million) in 2004 compared with the previous year, according to Yahoo Finance Australia. Its financial report declared net sales that rose to Rp6,807,58 billion from Rp5,729.51 billion. Its gross profit rose from Rp871.82 billion to Rp1,124.39 billion but it suffered a loss on the foreign exchange amounting to Rp436.75 billion as against gain of Rp390.65 billion in the previous year, said the report. The company’s total assets shrank from Rp12,173.26 billion to Rp6,341.12 billion as a result of a sharp fall in current assets from Rp9,096.77 billion to Rp4,491.78 billion.

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