financial results Archives - Page 14 of 19 - Tyrepress

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Prometeon increases margin to 13.6% as ‘turnaround’ officially ends

Prometeon Tyre Group (PTG) has declared its two-year turnaround process over and underpins this with its recently-released annual results for 2020. Giorgio Bruno, chief executive officer of Prometeon Tyre Group and Gregorio Borgo, chief operating officer, state that the “turnaround path is ended” and that PTG is “stronger and more resilient,” having been able to “improve margins, protect cash and strengthen asset structure, despite the pandemic.”

26th April 2021/by Stephen

Brembo fourth-quarter net profit up +17.5%

Company News, International News

Italian brake manufacturer Brembo has reported increased fourth quarter sales and pre-tax profits despite the corona-related loss in annual turnover the firm also reported. Fourth quarter 2020 revenues amounted to 649.7 million euros, up 4.5 per cent compared to the same period of the previous year. Pre-tax profits were (EBITDA) were 121.6 million euros (EBITDA margin: 18.7%). As result, the company’s net debt position improved by 121.0 million euros compared to 30 September 2020.

8th March 2021/by Chris

Liqui Moly profits halved in 2020

Liqui Moly’s turnover increased by 7.1 per cent to a record 611 million euro in 2020. The United Kingdom, where Liqui Moly more than doubled its sales, played a particularly important role in this. Given the devastating effects of the pandemic on the global economy and the decline in global consumption of oil and fuel, this is a great achievement. Revenue halved to 25 million euro – partly because the company invested almost 45 million euro in marketing measures during the crisis. In addition, more than 100 new employees were hired. This brings the total number of employees to 989 at the end of 2020.

16th February 2021/by Peter Gardner

Bridgestone FY2020: First net loss in 7 decades

The corona crisis has left its mark on Bridgestone Corporation, with the Japanese firm reporting for the 2020 fiscal year its first net loss in 69 years, a loss of 23.3 billion yen (£159.2 million). The operating result also fell significantly: While revenue decreased 14.6 per cent to 3.0 trillion yen (£20.5 billion), adjusted operating profit plummeted 35.0 per cent to 222.9 billion yen (£1.5 billion), representing a 7.4 per cent return on sales.

16th February 2021/by Stephen

Michelin reports reduced sales, income for 2020

Against the backdrop of the global coronavirus pandemic, Michelin Group reported sales of 20.5 billion euros in 2020, down 15.2 per cent. Segment operating income was 1.9 billion euros, representing 9.2 per cent of sales. Net income amounted to 625 million euros and was thus 63.9 per cent lower than in the previous year.

16th February 2021/by Stephen

Nokian Tyres: Lower sales & earnings in 2020

Jukka Moisio is “extremely proud” the Nokian Tyres team’s response to the challenges it faced in 2020. But no amount of pride can compensate for sales and income lost due to lockdowns and other restrictions. As expected, the Finnish tyre maker reported reduced sales and earnings for the year.

12th February 2021/by Stephen

Hankook grows operating profit, withstands pandemic year

Company News, Market Info

Hankook is celebrating 80 years in business in 2021. The tyre manufacturer is now firmly within the global top tier, with a strategy to consolidate its position further by increasing sales of larger, UHP tyres in major regions, supplying original equipment tyres for premium cars, and developing its electric vehicle market. In 2020, Hankook tyres performed well in independent tyre tests and expanded its original equipment business with premium car-makers. These included Porsche’s first high-performance electric sports car, Taycan, and Audi’s top models RS6, RS7 as well as Audi RS Q8. Overall, Hankook announced in its full year report for 2020 that it is targeting global sales of 7 trillion South Korean won (£4.6 billion) in 2021.

11th February 2021/by Andrew

Continental expected to outperform Q4 2020 estimates

Company News, International News

Marcus Prell, Continental AG

Despite the pandemic-led pressures of 2020, Continental AG will outperform the consensus of analyst estimates of its fourth-quarter 2020 financial performance, according to Jefferies Equity Research. Specifically regarding Continental AG’s fourth quarter 2020 results, Jefferies estimate group adjusted EBIT of 3.3 billion euros compared to a consensus of 2.7 billion, implying their calculations are 21 per cent above consensus:

22nd January 2021/by Chris

Titan International reduces debt, loss from operations

Titan International is currently in the midst of its planning process for 2021, and Paul Reitz says the company has “plenty of reasons to be optimistic.” He opines that Titan has navigated the challenges brought by the corona pandemic well and is thus positioning itself for a “stronger 2021”. The president and chief executive officer’s comments came as Titan International reported its financial results for the third quarter of 2020, a period in which it managed to reduce its net loss by more than a third compared with Q3 2019.

12th November 2020/by Stephen

EMEA tyre business supports Goodyear Q3 results

Company News, International News

Goodyear Tire and Rubber reported Q3 2020 net losses of US$2 million compared to net income of $88 million in the same quarter a year ago. The company reported segment operating income of $162 million in Q3 2020, down $132 million from a year ago. According to the company, the decline primarily reflects lower volume, reduced factory utilization and lower earnings from other tyre-related businesses.

11th November 2020/by Chris

Apollo Tyres: Stable sales in Europe, but profits further in the red

Apollo Tyres had to accept a drop in its turnover and earnings in the half-year to 30 September 2020, with the notable exception of sales in Europe. The company’s global sales in the first half of its current April 2020 to March 2021 financial year were Rs 70.62 billion (£728.85 million), 13.9 per cent less than the sales it gained a year earlier. Net profit dropped 71.1 per cent year-on-year to Rs 650 million (£6.71 million).

5th November 2020/by Stephen

Georg Brunstam appointed president and CEO of Hexpol

Career Tracks, Company News

Hexpol AB (publ) has appointed Georg Brunstam as president and CEO of Hexpol AB (publ) effective 20 November 2020. Georg Brunstam is currently chairman of the Board for Hexpol AB (publ) and had previously been President and CEO for Hexpol AB (publ) 2007-2017.

23rd October 2020/by Chris

EMIA region drags down Bridgestone’s second quarter

Bridgestone’s key financial metrics show the suffering of the world’s number one tyre manufacturer from the effects of the Covid pandemic. Sales fell by 32.4 per cent worldwide in the second quarter. The group also slipped into the red, reporting a return on sales of -0.3 per cent and a deficit of 41.5 billion Japanese […]

28th August 2020/by Andrew

Yokohama remains profitable in 1H 2020, despite coronavirus

Company News, International News

The Yokohama Rubber Co., Ltd’s first half 2020 profit might have declined 92.5 per cent compare with the same period of the previous year to 1.3 billion yen (£9.321 million; 10.322 million euros, US$12.220 million), but the company did remain profitable as all tyre manufacturers have faced serious headwinds due to coronavirus. Operating profit fell 86.8 per cent to 2.9 billion yen. And salves fell 20.6 per cent to 247.1 billion yen.

7th August 2020/by Chris

Toyo 2Q operating income down 48%

Company News, International News

Toyo Tire Corporation reported net sales of 150,586 million yen (£1.1081 billion; 1.195 billion euros; $1.414 billion), a decrease of 15.7 per cent compared with the same period in 2019. Operating income, which amounted to 7,928 million yen (£59.923 million; 63.027 million euros; $74.443 million), down 48.3 per cent on 2019, was hit worst.

7th August 2020/by Chris