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Hankook Tire: Lower profits in H1 2019

In reporting its financial results for the second quarter and first half of 2019, Hankook Tire notes that the six months to 30 June were punctuated by uncertainty within the global tyre market. Challenges faced by many tyre makers include declining vehicle sales, anti-dumping duties and uncertainty caused by US-China trade tensions. Hankook specifically battled high fixed costs during a low demand cycle, a relatively high dependency on China for both production and sales, and issues with stabilisation at its 2017-opened plant in the USA.

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  1. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
  2. Hankook Tire: Lower OE volumes, costs in US drag operating profit down
  3. Hankook Tire: Operating profit lower in Q3 2019
  4. Hankook Tire outperforms European market in Q2 2017, global sales, profit lower
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Less optimistic: Continental revises 2019 outlook, announces preliminary Q2 results

Continental has readjusted the full-year 2019 outlook for its tyre-making Rubber Group, primarily in response to declining global car and light vehicle production. It has also readjusted the outlook for its Automotive Group business for the same reason.

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  1. Stronger euro hits Continental in Q1 2018
  2. Continental: Net income up 2.1% despite higher in raw material costs
  3. Continental Q3 2018 results
  4. Continental discussing ‘need for action’ with employee representatives
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Kumho confirms interim as permanent CEO, announces loss

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Kumho Tire has appointed its interim CEO as the new permanent CEO following reports it was struggling to find a suitable candidate. South Korean media sources report that the Board approved the appointment of vice president Jeon Dae-Jin (60) yesterday. Kumho also reported a net loss for the fourth consecutive year in its annual financial report.

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  1. Mitsuteru Tanigawa announced as new Falken Tyre Europe CEO
  2. Kumho USA appoints new CEO amidst global reshuffle
  3. Euro Car Parts announces leadership changes
  4. Jun Ro Song appointed Kumho Tire Europe president
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Continental Q3 2018 results

German tyre and automotive systems manufacturer Continental AG has reported Q3 2018 sales of 10.8 billion euros, a result just a whisker higher than the company achieved a year earlier. Adjusted EBIT amounted to 771.8 million euros, 30.1 per cent lower than last year’s result. Adjusted EBIT of 771.8 million equates to an adjusted operating margin of 7.2 per cent; the margin was 10.3 per cent in Q3 2017.

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  1. Stronger euro hits Continental in Q1 2018
  2. Less optimistic: Continental revises 2019 outlook, announces preliminary Q2 results
  3. Continental discussing ‘need for action’ with employee representatives
  4. UK car makers back EU membership
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Yokohama Rubber – Q3 2018 profit affected by asset impairment charge

Yokohama Rubber Co., Ltd. reports a 1.2 per cent year-on-year increase in sales revenue in the nine months to 30 September 2018, however profit indicators were lower than in the first three quarters of last year. The tyre and rubber products manufacturer has also revised its full-year fiscal projection in light of operations at its US tyre plant.

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  1. Higher sales, earnings at Yokohama Rubber in Q1 2018
  2. Sales, profit up at Yokohama Rubber in Q2 2018
  3. Yokohama Rubber: Profit up 56% in Q1 2017
  4. Apollo Tyres maintains turnover, increases profits
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Goodyear: Q3 2018 results

Goodyear Tire & Rubber has reported Q3 2018 sales of US$3.9 billion, slightly up on a year earlier; improved volume, price/mix and higher sales in other tyre-related businesses were “substantially offset” by unfavourable foreign currency translation.

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  1. Goodyear defers dividend as volumes drop 18% in Q1 2020
  2. Goodyear reaffirms 2015 targets with ‘strong’ 2Q results, despite EMEA troubles
  3. Charges deflate Goodyear’s strong operating performance
  4. Goodyear: Drop in OE demand muzzles H1 2019 performance
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Lower earnings for Pakistan’s Gentipak in 2017-18

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General Tyre and Rubber Company of Pakistan Limited reports net sales for the financial year ending 30 June 2018 increased 22.2 per cent year-on-year to PKR 11,785.5 million (£78.7 million). Profit from operations amounted to PKR 1,190.1 million (£7.9 million), down 8.7 per cent on the previous year’s result. Total comprehensive income for the year was PKR 671.4 million (£4.5 million), 20.7 per cent lower than in the 2016-17 financial year. Earnings per share amounted to PKR 11.97 (2016-17: PKR 14.75).

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  1. Apollo Tyres annual net profit up 12 per cent, but European sales slide
  2. Continental to cut ties with Pakistan’s General Tyre and Rubber
  3. Toyo Tire net sales down 9.8% in Q1
  4. Apollo Tyres maintains turnover, increases profits
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Delticom: Income significantly up in H1 2018

During the first half of 2018, online tyre retailer Delticom achieved revenues of 290.5 million euros, a year-on-year decrease of 2.2 per cent. EBITDA rose 36.0 per cent to 6.8 million euros and the margin increased from 1.7 per cent to 2.3 per cent. EBIT was up 16.2 per cent year-on-year to 3.2 million euros and net income increased 150.0 per cent to 2.0 million euros

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  1. Apollo Tyres annual net profit up 12 per cent, but European sales slide
  2. Early start to summer tyre season hold back Delticom’s sales in Q2 2017
  3. Cooper Tire: Sales, income lower in Q2 2018
  4. Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
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Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’

For Toyo Tire & Rubber, the first half of 2018 was a period of mixed fortunes. The manufacturer reports that turnover and earnings within its core tyre business increased 3.9 per cent during the six months to 30 June, with sales of 160,046 million yen (£1.1 billion) and operating income of 22,669 million yen (£160.8 million) resulting in a slightly improved profit margin of 14.2 per cent. Overall sales were down 3.3 per cent, to 185,738 million yen (£1.3 billion), due to decreased turnover within the company’s automotive parts business.

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  1. Toyo reports 169% increase in full-year 2014 net income
  2. Toyo Tires unveils noise reduction technology
  3. Toyo Tire net sales down 9.8% in Q1
  4. The Tire Cologne: Cooper, Toyo no longer exhibiting
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Nokian Tyres increases sales, profits

Sales and profits headed in the right direction for Nokian Tyres in the second quarter and first half of 2018. The Finnish tyre maker reports a 6.4 per cent increase in net sales, to 429.1 million euros, in the six months to 30 June. Operating profit during this period rose 10.7 per cent year-on-year to 169.3 million euros and the operating margin reached 22.1 per cent (21.3 per cent in H1 2017). Profit for the period amounted to 134.1 million euros, 15.2 per cent higher than a year ago, and earnings per share rose to 0.97 euros.

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  1. Nokian Tyres: ‘Good development’ despite currency headwinds in Q1 2018
  2. Russia continues to pound Nokian Tyres’ sales and profits
  3. Nokian Tyres: Strong Heavy Tyres performance maintains sales in 2019
  4. Bridgestone: Tyre business increases in significance in Q2 2018
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Sales, profit up at Yokohama Rubber in Q2 2018

Yokohama Rubber Co., Ltd. reports that its sales revenue increased 1.8 per cent in the first half of 2018, to 309.7 billion yen (£2.2 billion). Business profit (sales revenue less the sum of cost of sales and selling, general and administrative expenses) rose 9.5 per cent year on year to 23.8 billion yen (£166.7 million) and operating profit was up 32.3 per cent to 26.4 billion yen (£184.9 million). The company says these operating profit and sales revenue figures were the highest it ever recorded. Profit attributable to owners of parent increased 19.2 per cent year-on-year, to 17.8 billion yen (£124.7 million).

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Related news:

  1. Higher sales, earnings at Yokohama Rubber in Q1 2018
  2. Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
  3. Yokohama Rubber: Profit up 56% in Q1 2017
  4. Goodyear: Q3 2018 results
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Bridgestone: Tyre business increases in significance in Q2 2018

Turnover at Bridgestone Corporation increased 2.8 per cent year-on-year to 915.5 billion yen (£6.4 billion) during the second quarter of 2018. Sales within the company’s tyre business contributed 758.9 billion yen (£5.3 billion) towards total turnover, growing 3.7 per cent over the prior-year result.

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  1. Bridgestone: Sales, operating income up in 2015, net income declines 5.4%
  2. Bridgestone: Operating profit down 3.1% in Q1 2018
  3. Russia continues to pound Nokian Tyres’ sales and profits
  4. Goodyear: Q3 2018 results
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