In the first quarter of its 2014-15 financial year, the three-month period to 30 June 2014, net sales at Balkrishna Industries Limited (BKT) rose 17.6 per cent year-on-year to Rs 9.49 billion (£92.4 million). The company’s net profit grew 12.7 per cent to Rs 1.15 billion (£11.2 million) during the three-month period, yet despite this the company’s share price dropped more than five per cent to a day’s low of Rs 715 after the quarter results were announced. Analysts had expected profits of around Rs 1.32 billion for the quarter.
Continental integrating Emitec into Powertrain division
The 100 per cent acquisition of exhaust technologies specialist Emitec by Continental took effect yesterday. Continental has bought out former 50/50 joint venture partner GKN and will integrate Emitec into its Powertrain division. The Emitec operation will be combined with Continental’s Fuel Supply business unit to form the new Fuel & Exhaust Management business unit.
Analysts: Conti’s rubber outperformance is good, but guidance is in line
Financial analysts have offered their response to Continental’s second quarter financial results, welcoming outperformance (particularly in the tyre division), but also pointing out that increases in guidance simply bring the firm in line with consensus expectations.
Freight forwarding company Maritime Cargo Services has recently been made an Authorised Economic Operator (AEO) in the UK by the European Union. The AEO certificate is an internationally recognised quality mark indicating the security of a company’s role in the international supply chain, with “efficient and compliant” customs controls and procedures.
Continental raises EBIT forecast, increases income in Q2
Continental Corporation has again increased its earnings forecast for the 2014 fiscal year. Upon publishing the company’s second quarter and first half results, Executive Board chairman Dr. Elmar Degenhart said Continental is now aiming for an adjusted EBIT of 11.0 per cent rather than the 10.5 per cent announced in March (when it was increased from 10.0 per cent). This 11.0 per cent target is supported, the company says, by the ongoing trend towards favourable natural rubber prices.
Goodyear revenues fall short of expectations, but income up in Q2
Shares in Goodyear Tire & Rubber fell up to 8.7 per cent yesterday after the company reported second quarter net sales that were US$40 million below estimates. Prices tumbled to a daily low of $25.07 as Goodyear announced it achieved March to June quarter net sales of $4,656 million, 4.9 per cent lower than in the corresponding quarter a year ago.
Sales at Hankook Tire declined 11.2 per cent year-on-year to KRW 1,661.5 billion (£954.4 million) in the second quarter of 2014. The UHP tyre segment accounted for 30 per cent of the company’s consolidated sales in the quarter, noted the South Korean tyre maker. Operating profit decreased 7.4 per cent to KRW 251.2 billion (£144.3 million).
Inter-Sprint seeks approval for full Van den Ban acquisition
The trade regulatory body in the Netherlands, the Autoriteit Consument & Markt (Authority for Consumers and Markets), reports that it received notification of the proposed concentration of the Inter-Sprint Group and the Van den Ban Group on 21 July. Both companies have approached the authority seeking its permission to go ahead with Inter-Sprint’s full acquisition of Van den Ban. The Autoriteit Consument & Markt says it is now evaluating the proposed acquisition and will announce its decision within four weeks from the date it received initial notification of the purchase plans.
An absence of the high restructuring costs of a year ago and low raw material prices have helped increase Michelin’s net first-half 2014 income by 23.1 per cent despite a 4.8 per cent decrease in net sales.
Employee representatives consulted as Lanxess restructuring begins
The Board of Management at German specialty chemicals company Lanxess AG initiated a company-wide restructuring programme at its meeting on 24 July, however detailed information about the shape this restructuring will take won’t be made public until later this year. At present, the measures planned as part of the programme are being discussed with the company’s Supervisory Board and employee representatives.
Almost two months after briefly disclosing that Steven Meisel will snap the 2015 Pirelli Calendar, the Italian tyre maker has shared some teaser photos from his work on the project. Pirelli describes the 1954-born New York native as “one of the world’s most influential fashion photographers” and will display the final images chosen for the […]
During May’s Reifen show in Germany, Chinese tyre manufacturer Aeolus Tyre Co. Ltd placed a focus on direct contact with the tyre trade. Prior to the start of the trade exhibition, the company said “technology, marketing and the latest information on its passenger car, SUV and van tyres” would be key areas of interest, and it brought a brand new product to Essen in the form of its ‘4Seasonace’ all-season tyre. The stand was rounded out with examples of Aeolus’ latest truck and earthmover tyre technologies. Furthermore, chairman of the company’s board, Wang Feng, travelled to Essen, and during his time there he granted Tyres & Accessories an interview.
The second quarter of 2014 was, in the words of Titan International’s chief financial officer, “disappointing in terms of performance.” John Hrudicka reports that the 11.7 per cent year-on-year decline in sales to US$523.7 million occurred against a backdrop of price reductions, a downturn in the mining segment and a decline in agricultural markets. Gross profit also decreased 74.0 per cent to $22.6 million and was 4.3 per cent of net sales, as compared to 14.6 per cent of net sales a year earlier. Loss from operations amounted to $29.5 million in the second quarter of 2014, compared with a profit from operations of $36.9 million in the second quarter of 2013. Net income went $20.5 million into the red. Dividend declared per common share was $0.05.
Unipart Automotive administrator to support staff redundancy procedures
Administrator KPMG will support 1,244 Unipart Automotive staff through the redundancy process. The firm said its team of employment specialists will also put staff in touch with job seeker services. Further information on Unipart Automotive for all interested parties will also be posted on KPMG’s Insolvency Portal.
Pro-Align to support Hunter growth in Ireland following expansion
UK Hunter wheel alignment and balancing equipment supplier Pro-Align has expanded its operation in the Republic of Ireland. Pro-Align says it will support the growth of the American brand in the country with a newly created team of dedicated service and sales personnel operating under the name Pro-Align Ireland. Experienced Pro-Align UK sales executive Miles Ross will lead the team in Ireland, offering a high level of expertise to businesses considering Hunter upgrades to their wheel servicing operations.
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