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Goodyear Calls for Redemption of $973 Million in Senior Notes

The Goodyear Tire & Rubber Company has called all of its outstanding senior notes due in 2011 and 2015 for redemption on 29 September, 2010. Goodyear intends to use net proceeds from its recent $1 billion issuance of 8.25 per cent senior notes due 2020 to fund these redemptions. The notes called for redemption are $388 million in principal amount of 7.857 per cent senior notes due on 15 August, 2011, $325 million in principal amount of 8.625 per cent senior notes due on 1 December, 2011, and $260 million in principal amount of 9 per cent senior notes due on 1 July, 2015.

31st August 2010/by Tyrepress Editors

Analysts Recommend Michelin Shares Over Goodyear

Analysts from investment bank Morgan Stanley have recommend investors buy shares in “Michelin against Goodyear” following its Alphawise surveys in Europe and the US. Based on current market performance and taking catalysts into the equation, the analysts estimate that “Michelin are 20 per cent above consensus, while for Goodyear we are 15 per cent below the street.” As a result Cooper Tire shares are described as the firm’s preferred stock in North America, while in Europe, the bankers recommended Michelin and Pirelli over Continental and Nokian.

31st August 2010/by Tyrepress Editors

Morgan Stanley Upgrades Michelin to Overweight, Doubles Target Price

Morgan Stanley analysts have upgraded Michelin shares to “overweight” and more than doubled their target price from 36 – 80 euros, commenting that the French tyre manufacturer “can surprise again.” This means analysts believe Michelin will beat consensus earning projections by more than a fifth: “We expect earnings to come in 20-25 per cent above consensus and cash generation to surprise significantly.”

In an investors note published 25 August, Morgan Stanley’s Eduardo Spina explained that the upgrade is based on the fact that while Michelin stock trades at a roughly 25 per cent discount historically, “high earnings visibility” and pent-up demand contribute to making it attractive. As a result Spin predicts that earnings per share will ramp up to 10 euros by 2012, 25 per cent above the consensus of 8 euros by the same point.

26th August 2010/by Tyrepress Editors

Goodyear Commences Senior Notes Offering

The Goodyear Tire & Rubber Company commenced a public offering of $750 million aggregate principal amount of 10-year senior unsecured notes today (10 August 2010), subject to market and other customary conditions. According to the company, Goodyear plans to use the offer offering, together with cash and other funds to redeem $325 million in principal amount of 8.625 per cent senior notes due 2011 and approximately $388 million in principal amount of 7.857 per cent notes due 2011.

10th August 2010/by Tyrepress Editors

Conti’s 702 million euro EBIT was 10% Ahead of Consensus

Analysts at Morgan Stanley have upgraded their target price for Continental stock following second quarter results that were 10 per cent higher than consensus, while reducing net debt by 220 million euros to 8 billion. “We feel comfortable bringing our ’10 EPS to 4.92 euros and increasing ’11 and ’12 EPS by 25-35 per cent…We believe Conti shares will benefit as the debt refinancing continues – but we cannot justify an overweight rating with only 18 per cent upside potential to our price target. Moreover, numerous unknown factors, including risks related to Schaeffler’s continued 75.1 per cent dominance over the company, keep us on the sidelines,” the bank’s analysts wrote in an investor’s note published on 30 July.

9th August 2010/by Tyrepress Editors

Cooper Tire Shares Fall, But Analysts Say Market Underestimates Firm’s Potential

Shares in Cooper Tire & Rubber Co. fell by as much as 13 per cent yesterday (Thursday 5 August) after the tyre manufacturer reported second-quarter revenue below estimates and said earnings were hurt by increased raw material costs. However, market analysts reported that the market has underestimated Cooper’s “near term potential.”

6th August 2010/by Tyrepress Editors

Strong Sales Push Cooper to Strong First Half

Cooper Tire & Rubber Co. continued its strong 2010, posting a 27 per cent increase in sales for the second quarter and a $57 million improvement in net income for the period, reports Tire Review. Cooper posted second quarter sales of $804 million. Net income for the period came in at $44 million, up $57 million versus the same period in 2009.

5th August 2010/by Tyrepress Editors

Cooper Pays Out Quarterly Dividend

Cooper Tire & Rubber Company has announced a quarterly dividend of 10.5 cents per share on common stock, payable 30 September, 2010, to stockholders of record at the close of business 2 September, 2010. This will mark the 154th consecutive quarterly dividend paid by Cooper Tire & Rubber Company.

5th August 2010/by Tyrepress Editors

Toyo Reports 53 billion yen of Net Sales, Profits Back in Black

Toyo Tire & Rubber Co., Ltd., has reported that it has returned to first quarter profitability with an operating income of 2,612 million yen compared with an operating loss of 3,054 million yen in the first quarter of 2009. Net income faired less well but showed the company returned to the black by this measurement too, with 743 million yen in the first quarter of 2010 compared with a net loss of 2,620 million yen for the same period in 2009. Period net sales totalled 72,162 million yen, up 9,789 million yen or 15.7 per cent over the first quarter of 2009. The tyre business unit posted net sales of 53,097 million yen and operating income of 1,995 million yen.

3rd August 2010/by Tyrepress Editors

Michelin Upgraded to ‘Buy’ Following Better than Expected Results

Analysts at Deutsche Bank have upgraded their rating for Michelin shares to “Buy” following first half 2010 financial results that were better than expected. The results published on 30 July show that revenues were up 17 per cent, mostly driven by volume growth of 15 per cent. According to the analysts, this was “by far the main earnings driver” since raw material price increases had no negative impact on first half results due to a lag effect. Overall first half 2010 operating income (822 million euros) virtually caught up with the firm’s full-year 2001 operating profit of (862 million euros).

Looking forward, the company’s management is now aiming for a full year operating margin of close to 9 per cent (1.5 billion euros), underscoring that in the second half the group should be able to more than offset a raw materials price headwind of 650 million euros.

3rd August 2010/by Tyrepress Editors

Stamford Tyres Probing Markets for Increased Penetration following “Foundational” FY2010

Stamford Tyres is a business of two major halves. Firstly it runs a distribution business in nine countries including its home nation of Singapore; secondly it is the manufacturer of its SSW brand of wheels and the owner of its outsourced manufactured Sumo Firenza proprietary brand tyres, which it displayed in Europe recently at Essen 2010. “We help the plants with technical assistance, with our own designs for products, and we own our own tooling,” explained the company’s CEO and president, Wee Kok Wah when Tyres & Accessories interviewed him on his recent visit to London following Reifen 2010. “That way we can gear our capacity quite quickly and easily. We have a large team of engineers in China to deliver product quality assurance. The product meets the highest standard that you want.”

2nd August 2010/by Tyrepress Editors

Reasonable First Half Growth for Goodyear in EMEA, North America

Goodyear has experienced a reasonable second quarter of this financial year in the Europe, Middle East and Africa segment, where second quarter sales increased 5 per cent to $1.5 billion. This was primarily due to a 6 per cent increase in tyre unit volume and strong price/mix performance, according to the company. In worldwide results, the company’s sales were $4.5 billion, up 15 per cent from 2009. Second quarter sales reflect the $304 million impact of a 10 per cent increase in tyre unit volume in response to improved global demand.

30th July 2010/by Tyrepress Editors

Pirelli Second Quarter 20% Ahead of Analysts’ Consensus

Financial analysts have described Pirelli Spa’s second quarter 2010 results as a “symbolic quarter” after the group, led by its tyre sales, posted results roughly 20 per cent ahead of analysts expectations and unexpectedly increased its 2010 earnings targets. The group increased its sales targets to 4.8 – 4.9 billion euros (from 4.6-4.7 billion) and is targeting EBIT margins 7 per cent versus 6.5 per cent previously.

30th July 2010/by Tyrepress Editors

Pirelli Reports Reports Strong 1H, Ups Targets

Pirelli Spa has reported that the firm closed the first half of 2010 with revenues of 2,426.5 million euros (1H 2009: 2,026.2 million euros), up 19.8 per cent. Pre-tax profits (EBIT) grew 62.8 per cent to 193.4 million euros (2009: 118.8 million euros). Net income of continuing operations more than doubled to 80.8 million euros, compared with 30.3 million euros in the first half of 2009. Such was the success of the tyre business in the first half, the company raised its revenue target. Executives now expect revenues to rise 15 per cent organically compared with the target of more than 10 per cent organic growth estimated in May. Pirelli also announced that it will present its new 2011-2013 three-year plan to the financial community in November.

29th July 2010/by Tyrepress Editors

Cooper to Restate 2009, 1Q 2010 Financials

Cooper Tire & Rubber Co. announced that it will restate its earnings for 2009 and for 2010’s first quarter due to a “material weakness” in the company’s internal financial reporting, Tire Review reports. As a result, at least for full year 2009, Cooper’s net profit will improve, the company reported. How the restatement will impact first quarter 2010 results is unknown.

28th July 2010/by Tyrepress Editors