consolidation Archives - Page 4 of 6 - Tyrepress

Posts

Conti Q3 Growth Below Predictions

Continental AG has announced a third quarter profit increase of 7 per cent, largely attained through the strong performance of the company’s tyre division. However this result has fallen short of market expectations of a 17 per cent rise in profit. Third quarter EBIT was 426.1 million euros, up 8.1 per cent over Q3 2006, while the quarter’s net profit was 251.5 million euros, a figure that failed to meet analyst predictions of 274 million euros.

The company’s consolidated sales for the first nine months of 2007 rose by 8.9 per cent to 11.92 billion euros; before changes in the scope of consolidation and exchange rate effects, consolidated sales were up 6.4 per cent. During the nine-month period EBIT rose by 19.8 per cent to 1.34 billion euros and the return on sales increased by 11.2 per cent; before changes in the scope of consolidation and special effects, EBIT rose 15.8 per cent to 1.38 billion euros. The adjusted return on sales amounted to 12.0 per cent, up from 10.9 per cent last year. The net income attributable to shareholders of the parent increased 25.3 per cent to 825.2 million euros, with earnings per share higher at 5.63 euros, as opposed to last year’s 4.51 euros.

30th October 2007/by Tyrepress Editors

Beru Registers Slight Revenue Growth in H1 2007

German vehicle engine technology and TPMS producer Beru Aktiengesellschaft has reported sales revenues of 224.2 million euros in the first half of 2007, despite what it calls ‘unfavourable market conditions.’ This first half sales figure was reflected slight sales growth, being 0.5 per cent higher than the 223.0 million euros achieved in the first half of 2006. The company credits strong growth in its Electronics and Sensor Technology and Ignition Technology divisions for the latest results.

Half year operating profit (EBIT) of 24.4 million euros represents an operating margin of 10.9 per cent, lower than the H1 2006 EBIT of 30.9 million euros and EBIT margin of 13.9 per cent. Net profit for the period amounted to 18.5 million euros, slightly lower than last year (20.8 million euros). First half earnings per share amounted to 1.80 euros, down from 2.06 euros in H1 2006.

Beru reports an expanding OE auto industry during the first half of the year and sales in this segment increasing by 3.0 per cent to 154.5 million euros. Sales revenues in the high-margin aftermarket segment decreased by 4.7 per cent to 56.3 million euros, an occurrence attributed to mild winter weather in the first quarter of the year. Although sales revenues stabilised in the second quarter of 2007, they were still lower than projected.

14th August 2007/by Tyrepress Editors

Half-Year Results “Arm” Conti for Future

Following positive sales and EBIT during the first half of the year, Continental AG says its goals for 2007 are firmly in sight and feels “well-armed to tackle the tasks ahead.” The German tyremaker and automotive supplier achieved double-digit growth over the same period last year in these two key financial indicators, a result Conti is calling a “rock solid basis for yet another peak year.”

Consolidated sales for the first six months of 2007 rose by 10.8 per cent compared with the same period of 2006, to 8,013.9 million euros, and Continental report the Motorola automotive electronics business contributed 558.7 million euros to the company’s sales. Before changes in the scope of consolidation and exchange rate effects, consolidated sales were up 6.3 per cent.

Raw material prices, although still at a high level, remained stable during the first half of the year. EBIT rose by 26.2 per cent over the previous year’s 722 million euros to 911.5 million euros, and the return on sales to 11.4 per cent. The automotive electronics business acquired from Motorola contributed 7.4 million euros to EBIT. Before changes in the scope of consolidation and special effects, EBIT rose by 146.4 million euros – 19.2 per cent – to 909.8 million euros.

1st August 2007/by Tyrepress Editors

Continental Boosts Profits in 2006

Continental AG has announced that its 2006 sales and earning figures have, for the fifth time in a row, outperformed the previous year’s figures. The company’s Passenger and Light Truck Tires division increased its sales to 4,693.6 million euros (£3,156.5), up 5.6 per cent compared with 2005. Conti’s executive board chairman and person in charge of the division, Manfred Wennemer, said “In view of various negative impacts, particularly the 169 million euro increase in raw material costs, we have done a really good job, also in comparison with our competitors.” Sales volume was slightly higher than in 2005, with 106.3 million tyres sold.

22nd February 2007/by Tyrepress Editors

Sibur-Russian Establishes Tyremakers’ Union

Sibur-Russian Tyres has instigated the formation of a subcommittee, subordinate to the Russian Chamber of Commerce and Industry’s committee on entrepreneurship in the automotive industry, to focus upon the development of Russia’s tyre and rubber industry. The aim of this subcommittee is to facilitate the consolidation of Russian tyremakers in order to protect their interests at the governmental level.

20th February 2007/by Tyrepress Editors

Continental Confirms 2006 Earnings and Sales are Up

Continental will exceed the record sales and profit levels it achieved in 2005, according to executive board chairman Manfred Wennemer. At the interim results presentation, he stressed that the international automotive supplier had raised its adjusted EBIT by 10.1 per cent to 1.18 billion euros after nine months compared with the same period of 2005. “In our industry, it does not really make much sense to look at the quarterly figures. Nevertheless, the third quarter 2006 again shows that, with an adjusted EBIT of 410.3 million euros, we are nearly on par with the adjusted figures for the same period of 2005. In view of the costs for raw materials, which reached a temporary peak this quarter, and the production cutbacks of key customers in the US, we feel this is remarkable, since a year ago we achieved our best ever quarterly result.”

1st November 2006/by Tyrepress Editors

Hayes Lemmerz Amends Credit Facility

Hayes Lemmerz International, Inc. has announced that it has concluded an agreement with its lending group to amend its $625 million senior secured credit facility. Among other changes, the amendment favourably modifies certain financial covenants. “This amendment provides Hayes Lemmerz with additional financial flexibility as we continue to rationalise our manufacturing footprint, implement cost reduction initiatives, and capitalize on growth opportunities within our core businesses and in select geographic regions. We appreciate our lending group’s continuing support of our strategic direction and financial priorities,” said Curtis Clawson, President, CEO and Chairman of the Board.

4th April 2006/by Tyrepress Editors

Continental AG Publishes Record Sales and Earnings

Continental AG’s consolidated sales rose by 9.8 per cent to 13.82 billion euros (prior year: 12.59 billion) in 2005. The company’s operating result (EBIT) increased at an even higher rate of 30.2 per cent to 1.5 billion euros (prior year: 1.15 billion). The return on sales amounted to 10.9 per cent (prior year: 9.2 per cent). “When adjusted for scope of consolidation and one-time effects, EBIT in 2005 rose by 165.1 million euros over the previous year,” explained Dr Alan Hippe, executive board member responsible for finances.

24th February 2006/by Tyrepress Editors

Continental 3Q Figures Outperform Full Year 2004 Result

International automotive supplier Continental AG has once again lifted sales and earnings, with sales rising considerably by a two-digit figure thanks to the successful integration of Phoenix AG. “In the first three quarters, we have already outperformed the full-year figures for 2004 – for net income before taxes and interest as well as profit. In addition to the excellent operational performance, this is also a result of one-off effects,” said executive board chairman Manfred Wennemer on Wednesday in Hanover. “There is no indication that this trend will change in the fourth quarter, so we will top our record figures from last year, even when the one-off effects are not taken into consideration.”

2nd November 2005/by Tyrepress Editors

Going The Extra Mile for a Successful Supply Chain Strategy

Just look at how Ryanair and Easyjet caught the traditional airlines off-guard – that’s just what could happen to your business if you fail to spot an opportunity before one of your competitors does.

Of course, in my line of business, I’m interested in how companies can create opportunities for themselves through their logistics management. It’s easy to look at how supermarkets control their supply chain right back to the farmer in the field, and assume that the same will happen in the automotive sector as well. Certainly, the dominant trend in logistics has been the transfer of control from manufacturer to customer.

29th September 2005/by Tyrepress Editors

Conti Hails ‘Record Breaking’ Second Quarter

Continental has released second quarter results which show a 28.5 per cent increase in group earnings (EBIT) and consolidated sales of 6.807 billion euros. “In the first six months, we made considerable progress towards our goal of achieving new top figures and are looking at the second half of the year with confidence,” said executive board chairman Manfred Wennemer.

2nd August 2005/by Tyrepress Editors

£2,000 Battery Management Centre Free with Hella Battery Plan

Trade stockists are being offered a £2,000 incentive to participate in Hella’s 2005 Battery Plan, with qualifying orders receiving a Midtronics GR1 Battery Management Centre and printer completely free of charge. The offer is part of an aggressive campaign which also includes a package of extended credit terms, merchandise and display materials, price stability, rebates for high-achieving distributors and an extended and rationalised product offer.

11th July 2005/by Tyrepress Editors

Michelin Workers Demonstrate Against Pay Offer

Workers at the Michelin plant in Stoke-on-Trent held a three hour lunchtime demonstration on Tuesday of last week. Opinions are divided about how ‘successful’ the action was with left leaning newspaper, Socialist Worker, recording an attendance of 200 union members. Other sources suggested the figure was less than half of that.

23rd March 2005/by Tyrepress Editors

Goodyear Announces Record Full-Year Sales

(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that its net sales for 2004 were a record $18.4 billion, an increase of 21 per cent over 2003. Tyre volume in 2004 was 223 million units, which was up 5 per cent from 2003. Goodyear’s net income in 2004 was $115 million, compared to a net loss of $807 million in 2003. The company estimated that raw material cost increases negatively impacted 2004 earnings by $280 million but that currency translation had a positive impact of approximately $30 million.

17th March 2005/by Tyrepress Editors

Continental confident on 2005 outlook

Continental’s president and CEO (North America), Martin de Louw, is “optimistic on 2005’s outlook” reports Deutsche bank. Analysts predict that earnings will benefit from a partial payback from the Mayfield plant closure and the conclusion of restructuring charges attached to it.

The consolidation of Phoenix and a positive impact from selling price increase/raw material price increase of maybe 50 million euros is also expected to benefit the company. “Overall while 2004 was a good year for Tires Co, 2005 could be even better,” say analysts.

14th January 2005/by Tyrepress Editors