Bridgestone Corporation has announced its consolidated financial results for Q1 2024, with net profit down 4.3 per cent year-on-year to ¥86,602 million (£443.58 million). The company has not altered its net profit forecast for the full year ending 31 December 2024, with net profit expected to increase by 8.4 per cent year-on-year to ¥359 billion (£1.84 billion).
Danish firm Genan, the world’s largest mechanical tyre recycling group, achieved a turnover of €58.7 million in 2023. This represents a seven per cent decrease compared to the previous year. However, despite the lower turnover, the company increased its EBITDA by over 50 per cent to almost €9.4 million, while operating profit (EBIT) multiplied from just over €750,000 to €3.2 million. Net profit, influenced negatively by exchange rate fluctuations, increased from €1.5 to €2 million.
Financial analysts have said Pirelli’s first quarter 2024 results feature “strong sales”, which outperformed consensus estimates by 1 per cent. During the same period pre-tax profits (adjusted earnings before interest and taxes [EBIT] outperformed expectation at twice that rate [+2 per cent compared with the analysts consensus].
At a meeting held yesterday, the Board of Directors of Pirelli & C. Spa approved the company’s financial results to 31 March 2024. Pirelli says these results show a “solid operating performance” thanks to the implementation of “key programs” within the framework of its Industrial Plan, as outlined below.
Rating Continental shares as “buy” financial analysts at Jefferies responded to Continental AG’s first quarter 2024 financial results by noting that Conti has “a lot of work to do in the remaining three quarters” to reach its projected results. Continental AG’s first quarter sales 2024 were -5 per cent year-on-year and margins are “in line with pre-released numbers”.
Continental has reported its Q1 2024 financial results – and refers to the three months to 31 March as “a weak first quarter.” The tyre and automotive components company nonetheless “expects earnings to improve as the year progresses,” particularly during the second half of the year. As such, Continental confirms its previously announced full-year 2024 outlook.
While Goodyear reported a net loss of $57 million in the first quarter of 2024, other metrics suggest that the company’s financial situation is offering signs of improvement. A strong showing from the Asia Pacific region and the welcome “stabilisation” of truck tyre demand in EMEA were both notable examples of improvement alongside the impact of Goodyear’s well-documented Goodyear Forward transformation plan.
Publishing its latest tracker of premium European tyremakers financial fundamentals, financial analysts report that pricing is currently a headwind and raw materials a tailwind year-to-date, however, raw materials will shift to a headwind in the second-half of 2024.
Titan International, Inc. has reported financial results for the quarter ending 31 March 2024. Results for Q1 2024 include approximately one month of results from the 29 February 2024 acquisition of Carlstar Group LLC. Net sales decreased 12.1% year-on-year, to US$482.209 million, and net income attributable to Titan and applicable to common shareholders was down 71.1%, to $9.201 million.
Hankook Tire & Technology has disclosed its financial performance for the first quarter of 2024, reporting sales of KRW 2,127.2 billion (£1.2 billion) and an operating profit of KRW 398.7 billion (£230.8 million) based on global consolidated financial results. Year over year, sales saw a modest increase of 1.1 per cent, while operating profit surged by 108.8 per cent.
Nokian Tyres has released its financial results for the first quarter of 2024, showcasing a resilient performance despite several challenges. The company reported net sales of 236.6 million euros for the period spanning January to March 2024, largely unchanged from the 236.4 million euros in the same period last year. When adjusted for comparable currencies, net sales saw a modest increase of 1.4 per cent.
Linglong’s revenue in 2023 exceeded 20 billion yuan, and its net profit was close to 1.4 billion yuan. The tyre manufacturer produced 79.117 million tyres throughout the year, an increase of 20.4 per cent year-on-year. Among them, semi-steel tyres increased by 19.20 per cent, all-steel tyres increased by 30.79 per cent, and bias tyres decreased by 6.19 per cent.
In 2023, Sailun’s revenue reached 25.978 billion yuan (approximately £2.865 billion; €3.348 billion), a year-on-year increase of 18.61 per cent. In the past three years, Sailun’s revenue has achieved steady growth, from 17.998 billion yuan (approximately £1.985 billion; €2.319 billion) in 2021 to 21.902 billion yuan (approximately £2.415 billion; €2.822 billion) in 2022, and then last year’s 25.978 billion yuan. The annual growth is about 4 billion yuan.
Michelin Group has disclosed its financial results for the first quarter of 2024, reporting total sales amounting to €6,642 million. This figure marks a decline of 4.6 per cent compared to the corresponding period in the previous year. The decrease in sales can be attributed to various factors, including a decline in tyre volumes, driven by weaknesses in certain markets, including construction and agricultural tyres, as well as mining tyre inventory drawdowns.
Initiating detailed coverage of European tyre manufacturers, analysts at Jefferies Equities Research fated Pirelli as their top pick, followed by Continental and Michelin. “Continental is trading on the largest discount to Michelin in years and the ex-tyres business is at the lowest multiple (2x EBIT) in three years. Pirelli is at a two per cent discount to Michelin versus a premium for >90 per cent of the last three years.
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Stephen Goodchild / Tyre Industry Publications Ltd