High-performance braking products manufacturer Brembo for the first half was €2,004.8 million, up 2.8 per cent, the first time the company has exceeded €2 billion in revenues in the six month period. EBITDA was €351.4 million (a margin of 17.5 per cent), and EBIT at €218.8 million (10.9 per cent margin).
Recently, Cheng Shin Rubber held a third-quarter briefing meeting. As of September 30, 2023, the company can produce 23,000 all-steel radial tyres and 179,000 semi-steel radial tyres per day. From January to September, the tyre manufacturer’s revenue and net profit were approximately NT$73.5 billion (about £1.85 billion; €2.16 billion) and NT$5.6 billion (about £140 million; €160 million).
Continental’s half-year report shows that its Tires group sector is driving earnings, with 88 per cent of adjusted EBIT from tyre sales. “Despite difficult market conditions, our Tires group sector ended the second quarter with good earnings once again. ContiTech’s performance remained solid. Earnings in Automotive, however, fell short of expectations. Here we will need to make up considerable ground in the second half of the year. By doing so, we will also improve our consolidated margin,” commented Continental CEO Nikolai Setzer.
At more than 700 pages long, the Pirelli & C. S.p.A. Annual Financial Report to 31 December 2022 isn’t exactly light entertainment, but nonetheless essential reading for investors and anyone wishing to broaden their knowledge about the tyre maker. The tome contains information about the company’s draft financial statement, consolidated financial statement and management report.
Recently, Prinx Chengshan revealed in its 2022 annual report that it has decided to suspend its Anhui tyre factory project. The tyre maker said that the suspension of investment was due to the domestic and foreign economic situation and the company’s forecast analysis of capacity utilisation. According to the original plan of Prinx Chengshan, the Anhui factory is its second tyre factory in China.
Motor oil and additive manufacturer Liqui Moly has reached its annual target and remains on a stable growth course. The company was able to compensate for the loss of the Russian market and the generally difficult situation on the global market through its strategy and quick action. Managing director Günter Hiermaier is very satisfied: “Achieving such a sales result in these times is proof that both our team spirit is right and our products are in great demand worldwide.”
Iochpe-Maxion increased its sales by at least 29.2 per cent worldwide in the past nine months to 12.79 billion Brazilian real (2.47 billion euros). Since pre-tax profits (EBIT) rose meanwhile by only 4.6 per cent to 1.1 billion real (208 million euros), the EBIT margin of the world’s largest wheel manufacturer fell by two percentage points to 8.4 per cent.
Toyo Tire Corporation achieved a 20 per cent year-on-year increase in net sales in the first half of 2022, with the total rising to 223,667 million yen (£1.373 billion; 1.626 billion euros). At the same time, operating income came in at 25,972 million yen (£160 million; 189 million euros) in the first half of 2022. Both figures outperformed the companies first-half 2022 forecasts.
The effects of the Ukraine war are not present in Nokian’s first quarter reporting, published on 28 April. The company has seen good levels of Q1 growth versus 2021, especially in its car tyre sales, but also in its commercial tyre business. However, with the manufacturer highly leveraged on Russian manufacturing and European sanctions against the country ramping up, it has announced to investors that all bets are off regarding its 2022 forecasts. The negative effects are largely related to passenger car tyre sales – Nokian explains that its “Heavy Tyres” are produced in Finland. It adds that while it has stopped the distribution of these products in Russia, “Nokian Tyres has never sold tyres to the Russian army, and the Russian Federation is not a customer of Nokian Tyres.”
While announcing its latest financial results, Pirelli has shared details of the steps it has taken to mitigate the impact of the “Russia-Ukraine crisis”. Writing on 23 February, executives explained that Pirelli has conducted an initial analysis of the situation and steps required.
Nokian has dropped its 2022 financial guidance as a result of the invasion of Ukraine by Russia where Nokian runs a tyre manufacturing plant in Vsevolozhsk, near Saint Petersburg.
Pirelli is raising its full-year 2021 sales forecast off the back of better-than-expected performance in the third quarter of 2021, a trend that was particularly driven by performance in the so-called “high value” tyre segment. According to the Italian tyre manufacturer’s nine-month figures, which were published on the evening of 11 November, sales rose 28.6 per cent to almost 4 billion euros. At the same time, Pirelli more than doubled its earnings and can now report a pre-tax profit margin (EBIT) of 15 per cent.
Following the news that Michelin reported third-quarter 2022 group sales of 6,012 million euros, financial analysts responded by describing the company’s results as “strong”. Michelin’s third-quarter sales figure is both up 8.7 per cent year-on-year and 3.6 per cent above the consensus of analyst expectations (5,801 million euros).
Goodyear has increased operating income considerably in the second quarter of 2021, thanks in part to its merger with Cooper Tire, completed on 7 June. Net income totalled $67 million (£48.45 million at today’s exchange rate $1.00 = £0.72) versus a loss of $696 million (£503 million). Second-quarter sales were $4 billion (£2.89 billion), a rise of 86 per cent versus the second quarter of 2020, which was heavily affected by the Covid-19 pandemic. In the year to date, Goodyear has sold 40 per cent more tyres than in the same period of 2020, with both replacement tyres (41 per cent) and original equipment tyres (39 per cent) assisting in this rise. Cooper sales between the merger completion date and 30 June (the end of the second quarter) totalled $256 million (£185 million). This figure excludes calculations relating to Cooper inventory and assets.
Hankook Tire’s 2021 Q2 financial results show consolidated global sales of KRW 1.806 trillion (EUR 1,336 million) and an operating profit reaching KRW 187 billion (EUR 138 million). Sales and operating profit rose 32.4 per cent and 167.1 per cent YoY and 11.7 per cent and 0.6 per cent QoQ respectively. In particular, sales of both original equipment (OE) tyres and replacement (RE) tyres grew compared to the same period last year. In addition, global sales of 18 inches and higher tyres accounted for 38 per cent of total passenger car and light truck tyre sales, a YoY increase of 5.4 percentage points.
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Prinx Chengshan
Liqui Moly
Arno Borchers/Profil Verlag
Toyo
Nokian Tyres
Pirelli
Nokian Tyres