Cooper Tire & Rubber: Sales stable, net income down 37% in Q2 2017
While unit volumes and net sales at Cooper Tire & Rubber remained little unchanged compared with the second quarter of last year, rising raw material costs ensured that income was significantly down in the three months to 30 June 2017. And although raw material costs are rescinding from the peaks seen earlier in the year, the tyre maker is keeping an eye out for further fluctuations.
Continue ReadingUni-Select completes £205 million Parts Alliance purchase
Uni-Select Inc. has completed the acquisition of 100 per cent of the shares of PA Topco Limited (The Parts Alliance), the second largest national independent distributor of automotive aftermarket parts in the UK. As previously announced, the £205 million pricetag was fully funded with debt from available credit facilities.
Continue ReadingPrice increases for Continental tyres already implemented
Against the backdrop of the half-year results that Continental presented in August, several German media sources reported price increases of three to five per cent for Continental tyres. Although Continental released no statement detailing the increases, it confirms that the new pricing was implemented to better align its tyre prices with the cost of raw materials, which has strongly risen since the fourth quarter of last year, as well as currency developments.
Continue ReadingSuperior Industries publishes Q2 2017 results, updates outlook
Second quarter results for aluminium wheel manufacturer Superior Industries International, Inc. show both record unit shipments and a net loss. These results for the quarter to 25 June 2017 also include one month of results from Uniwheels AG, in which Superior acquired a major shareholding on 30 May 2017. Upon tomorrow’s settlement of the delisting tender offer, Superior will own approximately 93.2 per cent of Uniwheels’ common stock shares.
Continue ReadingApollo Tyres: Raw material prices drags profit down 72%
High raw material prices strongly influenced the bottom line at Apollo Tyres Ltd in the three months to 30 June 2017. Although net sales, at Rs 32.58 billion (£391.0 million), were in line with those achieved in the corresponding quarter a year earlier, operating profit declined 50.3 per cent to Rs 2.82 billion (£33.8 million) and net profit was down 72.0 per cent to Rs 880.3 million (£10.6 million).
Continue ReadingCeat Ltd: Profit drops 99%
Despite revenues remaining relatively stable, Ceat Limited endured a massive drop in net profit in the first quarter of its financial year. Consolidated net revenues declined 0.7 per cent year-on-year to Rs 14.6 billion (£175.2 million), while the Indian tyre maker reported a 70.4 per cent per cent decline in EBITA to Rs 580 million (£7.0 million) and shrinkage of the margin from 13.3 per cent to 4.0 per cent. Profit after tax plummeted 99.0 per cent from Rs 1.03 billion (£1.2 million) to Rs 10 million (£120,000).
Continue Reading![Falken an official partner of DFL-Supercup](https://www.tyrepress.com/wp-content/uploads/2017/08/supercup.jpg)
Falken an official partner of DFL-Supercup
The DFL-Supercup, a football match held between the winners of the previous Bundesliga championship and the DFB-Pokal, will be held tomorrow in the German city of Dortmund and see local team Borussia Dortmund take on Bayern Munich. Falken branding will be visible during the day’s proceedings thanks to Sumitomo Rubber Industries’ return as a DFL-Supercup sponsor for a second year.
Continue ReadingWorking through the downturn: Titan International increases net sales, reports $6.5 million loss
The year-on-year gain in net sales seen at Titan International in the opening quarter of this year has continued in the second. For the three months to 30 June 2017, the manufacturer of off-highway tyres, wheels, assemblies and undercarriage products reports net sales of US$364.4 million, an increase of 10.4 per cent on the second quarter of 2016. Net sales for the first half of the year amount to $721.9 million, up 10.7 per cent from a year earlier.
Continue ReadingContinental tyre prices going up
According to several German media sources, the price of Continental tyres will increase in the second half of this year. Wolfgang Schäfer, chief financial officer at Continental, indicates that tyre prices will go up by between three and five per cent in order to compensate for higher natural rubber costs.
Continue Reading![Continental net income down: Raw material costs deflate tyre-related earnings](https://www.tyrepress.com/wp-content/uploads/2017/08/20170803-q2-finanztabelle-en-data.jpg)
Continental net income down: Raw material costs deflate tyre-related earnings
Although sales rose, sharp increases in raw material costs held back earnings within Continental’s Tire and ContiTech divisions in the first half of 2017. Reporting the company’s first half and second quarter results, Executive Board chairman Dr Elmar Degenhart shared that despite a 9.4 per cent year-on-year increase in sales during the six months to 30 June, to 8.6 billion euros, these costs impacted the Continental Rubber Group’s earnings by some 300 million euros. Rubber Group EBIT dropped 11.2 per cent to 1.2 billion euros in the first half of the year and the margin contracted from 17.7 per cent to 14.4 per cent.
Continue ReadingGoodyear: Sales, income down again in Q2 2017
A combination of raw material cost volatility, a challenging competitive environment and weakening demand in certain segments and markets have resulted in another quarter of lower net sales and income for Goodyear Tire & Rubber. In the three months to 30 June 2017, net sales declined 5.0 per cent to US$3.69 billion while operating income was down 32.0 per cent to $361 million. Net income dropped 26.7 per cent to $147 million ($0.58 per share), with adjusted net income amounting to $177 million ($0.70 per share), down 43.6 per cent from a year earlier.
Continue Reading![Reputation Institute: Michelin top-ranked French brand in the UK](https://www.tyrepress.com/wp-content/uploads/2017/08/michelin-reputation-institute.jpg)
Reputation Institute: Michelin top-ranked French brand in the UK
For the third consecutive year, the Reputation Institute, which ranks brands around the world according to their reputation, has put Michelin at the head of the French rankings and 13th globally. The tyre maker is also the French brand with the best reputation in the United Kingdom, and also in the United States, China, Germany and Italy.
Continue ReadingGoodyear, union reach tentative labour agreement for five US plants
A tentative agreement has been reached on a new five-year master labour contract covering almost 7,000 workers at five Goodyear Tire & Rubber plants in the USA. The agreement between the tyre maker and the United Steelworkers (USW) union covers plants in Akron (Ohio), Danville (Virginia), Fayetteville (North Carolina), Gadsden (Alabama) and Topeka (Kansas).
Continue ReadingMajor VMI patents upheld in China
China’s Patent Re-examination Board has upheld important patents relating to tyre building technology developed by VMI. Commenting on the board’s decision, VMI Group chief executive officer Harm Voortman said “this decision further strengthens our position in the legal dispute with Safe-Run and reaffirms our confidence in the Chinese legal system.”
Continue ReadingKumho Tire’s creditors accept proposal
Nothing now stands in the way of Qingdao Doublestar Tire’s acquisition of a 42.01 per cent share in Kumho Tire. Last Friday, the creditors of Kumho Tire accepted the offer made by Kumho Asiana.
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