financial results Archives - Page 11 of 19 - Tyrepress

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Goodyear: Sales, income up in Q2 2022

Larger than ever following its acquisition of Cooper Tire in 2021, Goodyear Tire & Rubber reported year-on-year net sales growth of 31 per cent in Q2 2022. Sales amounted to US$5.2 billion in the three months to 30 June 2022, and Goodyear states that even excluding the Cooper transaction, this figure reflects year-on-year growth of over 15 per cent. Other factors driving this increase included improvements in price/mix, higher volume, and increased sales from other tyre-related businesses.

8th August 2022/by Stephen

Hankook announces Q2 2022 results

During the second quarter of 2022, Hankook Tire grew its sales by 12.9 per cent year-on-year to KRW 2,039.9 billion (£1.3 billion). Operating profit, squeezed by world events, rising raw material costs and inflation, shrank 6.3 per cent year-on-year to KRW 175.2 billion (£109.9 million). This result nonetheless represented a 39.0 per cent increase compared with the operating profit of KRW 126.0 billion (£79.0 million) achieved in Q1 2022. Hankook attributes this quarter-on-quarter improvement to a growing share of sales attributable to high-value-added products as well as effective pricing strategies.

4th August 2022/by Stephen

Michelin publishes H1 2022 results, maintains full-year guidance

In a market hit by the systemic impacts of the conflict in Ukraine and the health crisis, the Michelin Group reports that its net income fell by 18.3 per cent despite a year-on-year increase in sales. The tyre maker nevertheless considers this a good result “in an extremely unsettled environment.”

27th July 2022/by Stephen

Continental announces preliminary Q2 2022 results

Continental AG has published its preliminary, unaudited key financial figures for Q2 2022, and these show that the company achieved consolidated sales of 9.4 billion euros, with an adjusted EBIT margin of 4.4 per cent.

21st July 2022/by Stephen

Prometeon launches Pirelli-branded Serie 02 truck tyre range

Company News, International News, Product News

In early May, Prometeon Tyre Group launched its Pirelli-branded Serie 02 truck tyre range in Venice, Italy. More than 200 customers from 10 countries were invited to learn about the launch of the Serie 02, which has been on sale in the EMEA region since April. General manager Roberto Righi, chief technical officer Alexandre Bregantim, head of marketing Sabina Oriani and region Europe CEO Francesco Antonacci were all on-hand to explain about Prometeon’s latest products and strategies.

18th May 2022/by Chris

BKT profit rises 22% in 2021-22

Although impacted by the rising cost of raw materials and logistics, off-highway tyre specialist BKT delivered a healthy profit in the financial year ending 31 March 2022. Profit after tax rose 22 per cent year-on-year to Rs 14.11 billion (£148.58 million) on the back of income that rose 47 per cent to Rs 84.19 billion (£886.52 million) and sales volumes that increased 27 per cent to 288,795 tonnes. EBITDA was, at Rs 21.82 billion (£229.76 million), up 21 per cent, with the margin contracting 5.6 percentage points to 25.9 per cent.

16th May 2022/by Stephen

Apollo Tyres FY 2021-22 financial results

Apollo Tyres reports revenue of Rs 209.48 billion (£2.22 billion) for the financial year ending 31 March 2021, 20 per cent higher than during the prior fiscal year. EBITDA declined 8.0 per cent year-on-year to Rs 25.74 billion (£272.59 million), with the EBITDA margin contracting 379 Bps to 12.3 per cent. Net profit stands at Rs 6.39 billion (£67.67 million).

13th May 2022/1 Comment/by Stephen

Yokohama Rubber: Record sales, lower profit in Q1 2022

Although the sales revenue of 185.6 billion yen (£1.2 billion) earned by the Yokohama Rubber Co., Ltd. in Q1 2022 was the highest figure it ever achieved in the January-to-March quarter and a 28.4 per cent improvement on the result attained a year earlier, the company nonetheless had little cause for celebration by the time rising costs and other complications were factored in. Profit attributable to owners of parent declined 63.5 per cent year-on-year in the first quarter of 2022 to 10.2 billion yen (£64.9 million). Operating profit was, at 13.7 billion yen (£87.1 million), down 62.7 per cent.

13th May 2022/1 Comment/by Stephen

Continental: Lower income despite strong tyre business in Q1 2022

Announcing its financial results for the first quarter of 2022, tyre maker and automotive technology firm Continental states that it “performed well” during the period despite “an increasingly turbulent market environment.” It describes its Q1 2022 tyre business as “strong.”

11th May 2022/by Stephen

MRF: Profits halved thanks to unprecedented material cost rises

Company News, International News

Indian tyre maker MRF Limited has reported a standalone income of Rs 193.04 billion (£2.03 billion) for the financial year ending 31 March 2022, a 19.7 per cent increase on the previous year’s result. Exports were slightly up, being valued at Rs 17.79 billion (£186.80 million), compared with Rs 13.33 billion for the prior financial year. Standalone net profit, however, dropped 48.2 per cent year-on-year to Rs 6.47 billion (£67.94 million).

10th May 2022/by Stephen

Michelin: Q1 sales up 19% to 6.5 billion euros

Company News, International News

Michelin; Jefferies

Michelin Group has reported that its first quarter 2022 sales amounted to 6.5 billion euros, a 19 per cent increase on the first quarter of 2021. According to the company, price increases and strengthening replacement demand helped it offset headwinds including operation disruptions and inflationary pressures exacerbated by the conflict in Ukraine plus the resurgence of Covid-19 in China.

27th April 2022/by Chris

Continental revises 2022 outlook, publishes preliminary Q1 results

Due to several factors, Continental is adjusting its outlook for fiscal 2022. The company expects global production of passenger cars and light commercial vehicles to increase by between four and six per cent year-on-year in 2022, a lower rate than the six to nine per cent growth that the prior outlook (published 9 March 2022) was based on. Negative effects from cost inflation for key inputs, especially for oil-based raw materials as well as for energy and logistics for the Tires and ContiTech businesses, are also becoming significantly more material.

22nd April 2022/by Stephen

Prinx Chengshan: Profit down 24.7% despite higher revenue in 2021

The difficulties that tyre makers are facing at present were reflected in Prinx Chengshan Holdings Limited’s financial results for 2021. Although company revenue increased 20 per cent year-on-year, a “significant increase in raw material prices and ocean freight rates” dragged gross profit down by approximately 24.7 per cent.

4th April 2022/by Stephen

A “good result” – Continental returns to the black in 2021

Although chief executive officer Nikolai Setzer believes the past financial year was “a very trying one” for Continental and a period presenting “many challenges,” the tyre maker and automotive solutions company nonetheless managed to achieve a positive net income in 2021 after two consecutive years of losses.

9th March 2022/by Stephen

Yokohama Rubber posts ‘record-high’ results

The Yokohama Rubber Co., Ltd. reports “record-high” sales revenue and profit during the 2021 fiscal year. Sales revenue increased 21.7% over the previous year; operating profit rose 132.4% & profit attributable to owners of parent was up 148.9%.

17th February 2022/by Stephen