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Predictions: Pirelli First Half Net Profit Down 6.7 per cent

A consensus of financial analysts has predicted that Pirelli’s first half consolidated net profit will come in at 165 million euros (down 6.7 per cent) compared with 177 million euros at the same point last year. The projections are based on the estimates of eight analysts polled by Dow Jones. Higher tax payments than last time are expected to have weighed on the first half 2006 result. Analysts are expected to pay particularly close attention to the conference call for more details on Telecom Italia’s new strategic shift.

12th September 2006/by Tyrepress Editors

Natural Rubber Prices Continue to Fall

The price of natural rubber fell by five per cent earlier this week, to $1.80/kg. Analysts at the Deutsche Bank say that this brings the price close to the level in January this year ($1.75/kg) and is a 35 per cent drop from the peak price last June of $2.80/kg.

7th September 2006/by Tyrepress Editors

Improved Natural Rubber Prices Could Ease Manufacturing

If the current raw material price trend continues, it could help improve margins at tyre manufacturers. Natural rubber, which accounts for about a quarter of tyre raw material costs, is down over 20 per cent from the all-time high it hit earlier this year.

31st August 2006/by Tyrepress Editors

Nokian Shares Soar 18 per cent Following Positive Results

Analysts have interpreted Nokian’s positive results as an indication that the Finnish company’s move to Russia has paid off. Results published yesterday showed the company’s second quarter sales grew almost 60 per cent in the second quarter. “Net sales came in at 120.3 million euros, some 11 per cent better than expected; EBIT came in at 26.8 million euros some 45 per cent better than our estimate of 18.4 million,” Deutsche Bank analysts reported.

9th August 2006/by Tyrepress Editors

Michelin Issues ‘Reassuring’ Profit Warning

Michelin has reassured market watchers that it will be able to achieve an operating margin of around 8 per cent for the full year, following the successful achievement of the same figure (equivalent to 644.7 million euros) in the first half of 2006. The company had previously predicted that it would achieve an operating margin of 8.8 per cent. Michelin achieved first half net sales of 8,023 million euros, up 7.1 per cent compared with the same period last year.

31st July 2006/by Tyrepress Editors

Natural Rubber Price Falls

The price of natural rubber has fallen by 11 per cent from the peak reached a month ago, say analysts at the Deutsche Bank. However, at US$ 2.5/kg, natural rubber is still up 40 per cent year to date and 50 per cent more expensive than synthetic rubber.

18th July 2006/by Tyrepress Editors

Nanjing Automobile Planning MG Plant in Oklahoma

The UK car manufacturing industry received another blow yesterday when Nanjing Automobile announced it is planning to build MG cars in Oklahoma. Many had expected the lion’s share of MGs to be built at the old Rover base (Longbridge in Birmingham), but now, according to a report in The Times, most production will go to the US. The company’s engineering, design, sales and marketing departments will also operate out of the US.

13th July 2006/by Tyrepress Editors

Michelin Initiates Prices Increases

Michelin has reported that it has begun raising prices for its truck and construction equipment tyres in Europe to help compensate for higher commodity costs, particularly natural rubber. The price increases, which average 3 per cent to 5 per cent, began in mid- June, said Anne-Sophie Creton, a spokeswoman quoted in the International Herald Tribune.

5th July 2006/by Tyrepress Editors

Goodyear Cuts 150 Jobs Across Europe

Goodyear Tire & Rubber Company will cut more than 150 positions in its European business unit in order to create annual savings in selling, administrative and general expenses of over $10 million. “Concurrent with efforts to grow our top line through innovative new products and marketing, we are intensely focused on reducing the company’s global cost structure,” said Goodyear chairman and CEO Robert J. Keegan. “Our objective is to achieve cost reductions totalling between $750 million and $1 billion by 2008, including $150 million to $200 million in SAG (sales administration and general) costs.”

29th June 2006/by Tyrepress Editors

Cooper Idles All Four US Plants

Following earlier reports that Cooper Tire & Rubber will idle its Texarkana, Arkansas production facility, the company now says it has decided to suspend production at all of its US plants for two weeks. Cooper Tire & Rubber Europe’s production facility at Melksham, UK, is not expected to have any shutdowns. However, sources within the company report that production here has also been cut back slightly. As the problem is due to oversupply, deliveries are not expected to be adversely affected. Cooper Tire & Rubber Europe sources all of its 4×4 lines from the US production plants.

28th June 2006/by Tyrepress Editors

Analysts Confident About Nokian Prospects

Nokian Tyres’ new HP 5 winter tyre has been well received in the market and pre-season sales have started well. According to a Deutsche Bank report analysts believe this and price increases are good signs for the company’s performance in the second, third and fourth quarters. Nokian is reported to have stirred up the market by taking market share by aggressive pre-season sales in the second quarter of last year before being “hit by competition” in subsequent quarters. “However, it seems the biggest pressure is now behind us due to the sharp increase in raw material prices. Management commented that most competitors have announced price hikes for the winter season and that these look likely to stick,” the report concluded.

21st June 2006/by Tyrepress Editors

EU Passenger Car Tyre Sales up 12 per cent

European passenger car sales grew 12 per cent during May (up 2.5 per cent year-to-date), while the truck tyre market is said to have grown 17 per cent (up 1 per cent year-to-date). Deutsche Bank analysts report that the figures sourced from Michelin point to a completely different story in North America.

20th June 2006/by Tyrepress Editors

“One Just Has to Admire Him For That”

The last message I would ever hear from Edouard Michelin was as follows: “For Michelin it would have been totally unthinkable to leave people in the lurch who have shown their loyalty to our group over so many years.” From an economic point of view, Michelin should have sold its rubber plantation after it became obvious that the plantation in the North of Brazil, close to Salvador/Bahia, could not be managed successfully and would continue to lose money. But, instead of selling the plantation and abandoning the people, leaving them without hope, Michelin looked for other and better alternatives and created the Ouro Verde project.

To download this obituary as a PDF file please click here.

15th June 2006/by Tyrepress Editors

First Signs of Unrest at Clermont Ferrand

Michel Rollier’s repeated assertions that he will remain the one and only Michelin managing partner, for the time being, have led to the first signs of unrest amongst staff at Clermont Ferrand. At the same time there are reports that René Zingraf, who only retired a few weeks ago, will not reverse this decision. Instead he will continue to advise the company from time to time. As a result staff fear that there will be a fundamental change in leadership style. But on the other hand, what other option is available to Rollier at the present time? Answering the leadership question in any other way than he is at the moment would only lead to continued unrest and a barrage of questions from journalists, analysts and business partners.

13th June 2006/by Tyrepress Editors

Analysts Lower Estimates on Goodyear and Cooper

Deutsche Bank analysts lowered their estimates on Goodyear and Cooper following what the was reportedly an “abysmal April” for the US tyre business. “Anecdotal reports from our tyre industry contacts suggest that US replacement tyre demand was down again in May following an abysmal April (-9.6 per cent). Weak demand comes at a bad time for tyre producers, many of which were already brimming with finished goods inventory at the end of the first quarter and experiencing huge spikes in raw material costs,” the analysts reported.

7th June 2006/by Tyrepress Editors