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Cooper Tire reports 1Q2020 net loss of US$12 million, Europe and International segment bears the brunt

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Cooper Tire & Rubber Company has reported a first quarter 2020 net loss of $12 million, compared with net income of $7 million in same period last year. Unit volume decreased 15.8 per cent compared to the first quarter of 2019. Net sales decreased 14.1 per cent to $532 million. Operating loss was $6 million, or 1.2 per cent of net sales, compared to operating profit of $26 million, or 4.3 per cent of net sales, in 2019.

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  1. Cooper Tire Europe restarting manufacturing in Melksham
  2. Moscow office to aid Cooper’s drive into Russia
  3. Cooper announces plan to end light vehicle tyre production at Melksham
  4. Cooper Melksham cutback plans to proceed after consultation ends
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Continental withdraws outlook for ‘uncertain’ 2020

The entire automotive industry has been impacted by the coronavirus pandemic, and companies are taking steps to ensure their survival. Continental has provided an update on the latest measures being implemented, including reduced working hours and displays of executive solidarity. It has also buried its outlook for 2020.

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  1. Conti: Corona bridge concept will save jobs
  2. Revisiting the past for a better future – Continental looks at Nazi era activities
  3. Continental discussing ‘need for action’ with employee representatives
  4. Bridgestone temporarily closes, slows tyre production at European factories
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Moody’s stabilises auto manufacturing outlook as economic recovery fuels demand

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Increased consumer car demand due to improving global economic prospects and a lowering of the rating agency’s sales growth requirements for the sector have changed the outlook on the global auto manufacturing industry over the next 12 to 18 months to stable from negative, says Moody’s Investors Service in a report (“Automotive manufacturing — Global, Outlook update: Changing outlook to stable amid improving business environment”) published 14 March.

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  1. Linglong to become first Chinese global Top 10 car tyre manufacturer by 2019 – analyst
  2. Dundee closure ‘supports Michelin’s intent to accelerate cost savings’ – analyst report
  3. Decennial shift in global PCLT tyre volume market share
  4. Quarter profit plummets at Stamford Tyres
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Continental lifts 2014 EBIT outlook

After what it says was “a successful start to the new year,” Continental Corporation has raised its adjusted EBIT outlook. “For fiscal 2014 we intend to comfortably achieve an adjusted EBIT margin of 10.5 per cent instead of the originally advised 10.0 per cent,” announced Continental CEO Dr. Elmar Degenhart at last Friday’s Annual Shareholders’ Meeting.

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Related news:

  1. Continental: €44 billion in sales, 10.8% EBIT margin in 2017
  2. Continental discussing ‘need for action’ with employee representatives
  3. Continental withdraws outlook for ‘uncertain’ 2020
  4. Continental CEO Degenhart resigns
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