While announcing its latest financial results, Pirelli has shared details of the steps it has taken to mitigate the impact of the “Russia-Ukraine crisis”. Writing on 23 February, executives explained that Pirelli has conducted an initial analysis of the situation and steps required.
Compagnie Générale des Établissements Michelin (the Michelin Group) delivered segment operating income of 2,966 million euros and a margin of 12.5 per cent, which was “back in line with 2019”, according to the company. Specifically, Sales rose by 16.3 per cent to 23,795 million euros and segment operating income stood at 2,966 million euros.
Toyo Tire Corporation achieved second-quarter 2021 net sales of 186,392 million yen (£1.217 billion; 1.438 billion euros; US$1.687 billion), an increase of 23.8 per cent compared with the same period in 2020. Compared with low levels last year, Toyo’s profitability also increased. Operating income amounted to 26,958 million yen, up 240.0 per cent.
Italian brake manufacturer Brembo has reported increased fourth quarter sales and pre-tax profits despite the corona-related loss in annual turnover the firm also reported. Fourth quarter 2020 revenues amounted to 649.7 million euros, up 4.5 per cent compared to the same period of the previous year. Pre-tax profits were (EBITDA) were 121.6 million euros (EBITDA margin: 18.7%). As result, the company’s net debt position improved by 121.0 million euros compared to 30 September 2020.
Continental’s nine-month 2020 figures show the tyre and automotive supplier “did remarkably well operationally in the third quarter” despite the “still very volatile market environment”, according to outgoing CEO Dr Elmar Degenhart.
Cooper Tire & Rubber Company reported a second quarter 2020 net loss of US$6 million on 3 August 2020 compared with net income of $9 million in the same period last year. Net sales decreased 26.9 per cent to $496 million. Operating profit was $5 million, or 1.1 per cent of net sales, compared to operating profit of $32 million (4.7 per cent of net sales) in 2019.
Continental has reported second quarter 2020 consolidated group sales of 6.620 billion euros. This equates to -39.8 per cent drop year-on-year. Pre-tax profits (EBIT) came in at -9.6 per cent of sales (-636 million euros). However, sales in the Rubber Technologies division, which includes tyres, were 2.962 billion euros and the adjusted EBIT margin was 1.2 per cent (around 36 million euros). Thus, Continental’s tyre business has managed to remain profitable despite the obvious pressures of the coronavirus context.
The Yokohama Rubber Co. Ltd. posted a 258 million yen loss during the first quarter of 2020 compared with 9.1 billion yen in profit in the same period of the previous year. Meanwhile operating profit fell 90.4 per cent, to 1.2 billion yen. Sales revenue declined 13.6 per cent to 129.1 billion yen.
The Goodyear Tire & Rubber Company is aiming to achieve US$3 billion in annual segment operating income by 2020. At the same time the company is planning to attain cumulative free cash flow of $4.3-$4.9 billion from 2017 to 2020.