Cooper posts higher sales, profits for 2011
Even as it tries to resolve a three-month lock out at its hometown Findlay, Ohio, plant, Cooper Tire & Rubber Co reported full-year 2011 net profit of $269.6 million against sales of $3.9 billion, Tire Review reports. The sales results were an improvement of $566 million, or 17 per cent, from 2010, while the net profit mark was up significantly from 2010’s $163.9 million.
Continue ReadingYHI International posts record net profit
Singaporean tyre, wheel and battery distributor and manufacturer, YHI International posted record net profits of S$41.1 million in 2011, though profit margin dwindled a percentage point on lower margins in its manufacturing business segment. The company distributes Yokohama, Nexen and Nankang tyres and Enkei, OZ and Konig wheels, among other brands, across south-east Asia. Executive chairman and Group managing director, Richard Tay said “despite the global economic uncertainties and strong competition, we have achieved excellent financial results… We are on track in executing our five-year business expansion plan (FY2011-FY2015) to grow our manufacturing and distribution businesses, and strengthen our multi-brand, multi-category and multi-product sales initiatives for all YHI’s sales offices and appointed distributors worldwide.”
Continue ReadingGoodyear announces senior notes offering
The Goodyear Tire & Rubber Company has announced that it has commenced a public offering of $700 million aggregate principal amount of 10-year senior notes, subject to market and other customary conditions. The notes will be senior unsecured obligations of the company.
Continue ReadingContinental triples share dividend estimates
Continental AG has announced that the company plans to pay a dividend of 1.5 euros per share for the 2011 fiscal year, almost tripling analyst estimates of 0.55 euros. Based on the approximately 200 million shares outstanding, the proposed amount to be distributed totals roughly 300 million euros. This equates to a payout ratio of about 24 per cent, according to an official statement on the subject.
Continue ReadingMaxxis unveils swish new sponsorship
In addition to the sponsorship of three Major League Baseball sponsorships, Maxxis announced that it will be an official partner of the New York Knicks basketball team for the season’s remaining games. During home games, Maxxis’ signage will appear courtside for 30 seconds of TV coverage on an LED board at Madison Square Garden. The Taiwanese manufacturer revealed that the form of Jeremy Lin had encouraged its decision to buy sponsorship of the New York team.
Continue ReadingMaxxis sponsors Major League Baseball franchises
Maxxis has announced that it will sponsor the New York Yankees, Los Angeles Dodgers and Washington Nationals baseball franchises in 2012. During the regular season, beginning in early April, Maxxis signage will be visible behind home plate for many Yankees, Dodgers and Nationals home games, increasing the brand’s visibility and extending its policy of major sports teams such as Liverpool Football Club in the UK, giving the brand important exposure to legions of baseball fans around the world.
Continue ReadingGoodyear increases 2011 sales, earnings despite low Q4 volumes
The Goodyear Tire & Rubber Company has reported increased sales and earnings for the fourth quarter of 2011 and the full year. In the Europe, Middle East and Africa region the company improved on its 2010 figures, with segment operating income up to $627 million, compared to $319 million in the previous year. The company’s fourth quarter represented a slowdown in the region, shipping fewer tyre units than in 2010 – 16.9 million vs. 17.7 million – and it predicted that 2012 would be down by up to nine per cent in European consumer business, with worse predicted for the commercial original equipment market. Chairman and chief executive officer, Richard J Kramer commented on the company’s overall sales and segment operating income records by saying the company had “successfully managed a challenging economic environment.”
Continue ReadingAnalysts: Few reasons to buy Michelin stock
In light of only “modest” improvements on second half EBIT predictions and a “rather low quality free cash flow”, financial analysts are not optimistic about Michelin’s ability to sustain it share price. In an investor’s report published 13 February, Morgan Stanley reported that Michelin’s 974 million euros of pre-tax profits (EBIT) in the period may have been 5 per cent above consensus expectations, but it was driven by gains in the mining tyres business.
Continue ReadingMichelin claims strategic validation in 2011 financial report
Michelin announced its full financial year report for 2011 today, its board claiming a vindication of its strategy in the process. The company produced “extraordinary results” according to chief financial officer Marc Henry, who presented the results in a conference call with managing partners, Michel Rollier and Jean-Dominique Senard. Alongside increased sales volume (up 6.7 per cent) and a 39 per cent increase in net income, the manufacturer’s management set its sights on a 2.5 billion euro profit goal by 2015. Michelin said it would capitalise on its competitive strength in speciality tyres, including “world leadership” of the earthmover segment and European leader in Agricultural tyres, with a new 40,000-tonne EMOTR plant in the near future, though a location has yet to be decided. Rollier also announced details of the completion of Senard’s succession, announced last year and due to be completed at the Annual Meeting on 11 May.
Continue ReadingGoodyear to announce Q4 2011 financial results
The Goodyear Tire & Rubber Company will report fourth quarter 2011 financial results before markets open on Tuesday, 14 February. The announcement will be followed by the customary investor conference call at 08:30 (13:30 GMT) with Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer.
Continue ReadingAnalysts: Schaeffler refinancing its debt is a positive for Conti
Schaeffler AG, which currently controls what is effectively a 60 per cent stake in Conti, has announced plans for new credit worth around 8 billion euros. In addition to this refinancing, the company announced plans to issue 2 billion euros of bonds. According to financial analysts at Morgan Stanley, this all comes around the same time as ratings agencies Stand & Poor’s and Moody's are planning to publish official credit ratings. And all follows Schaeffler’s decision to change its legal form into AG back in September 2011 in order to gain better access to capital markets.
Continue ReadingToyo announces Chinese cushion JV
Toyo Tire & Rubber Co., Ltd. has agreed to establish a China-based joint venture company to manufacture and distribute urethane seat cushions for transportation machinery. The agreement was signed with Guangdong TGPM Automotive Industry Group Co., Ltd., headquartered in Foshan City, Guangdong Province.
Continue ReadingGoodyear to webcast 2012 Global Auto conference presentation
The Goodyear Tire & Rubber Company has announced that it will webcast its presentation at the 2012 Deutsche Bank Global Auto Industry Conference in Detroit, Michigan, on 10 January. Darren R. Wells, executive vice president and chief financial officer, will provide a business overview and discuss the company’s strategies for approximately 40 minutes.
Continue ReadingAnalysts: Conti’s 4Q revenue could beat 3Q
Continental AG’s management is confident enough that its fourth quarter revenue will beat the third quarter to tell analyst of the upgrade. According to Morgan Stanley, this implies a slight upgrade to consensus numbers which following 7.7 billion euros for the third quarter currently stand at 7.6 billion for the final quarter of the year.
Continue ReadingAl Dobowi holds inaugural Westlake Partners’ Day
The Westlake tyre brand is named after one of China’s most popular domestic tourist destinations and a 2011 addition to UNESCO’s World Heritage Sites – the freshwater West Lake in the centre of Hangzhou, the home town of its manufacturer Hangzhou Zhongce, located around 180km south-west of Shanghao. Shen Jin-Rong, Hangzhou Zhongce president and chairman, reflects with pride on the link between what is seen as a premier Chinese location and the tyre brand named after it: “Westlake is our tyre brand and also the best place in our city.” The Al Dobowi Group distributes the brand in several European territories through its Eskay Tyres subsidiary; the newly exclusive distributor of the brand in the UK was announced as Axle Group Holdings at the end of September – owner of the Viking International wholesale arm and the National Tyres & Autocare retail chain (see T&A October’s Wholesale feature and the Related News link below). Tyres & Accessories travelled to the town from Shanghai with representatives from the Al Dobowi Group to see the development of Hangzhou Zhongce’s manufacturing facilities, and to witness the growth in interaction between the manufacturer and European dealers of its Westlake brand.
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