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Michelin reports 4.6% lower Q1 2024 sales

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.

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Related news:

  1. Michelin reports reduced sales, income for 2020
  2. Michelin: YTD sales up 15.6% to €17.2 billion
  3. Price adjustments lift Michelin sales & income in 2022
  4. Enviro Q2 2023 financials; negotiations with further suppliers & customers
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Pirelli financial performance the strongest of European premium tyre brands – analysts

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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Related news:

  1. Analysts highlight ‘difference in momentum’ between Continental and Michelin results
  2. Shifts in leading tyre manufacturer rankings, 2015-2019
  3. Continental expected to outperform Q4 2020 estimates
  4. Tyre makers & the Russia dilemma
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Best results – Prinx Chengshan publishes 2023 financials

Prinx Chengshan Holdings Limited has released its financial results for the twelve-month period ending on 31 December 2023, referring to these as “the best results” in the company’s history. Operating revenue increased to RMB 9,950 million (£1.09 billion), marking a 22% year-on-year rise, while net profit surged to RMB 1,030 million (£113.32 million), a 162.4% increase compared to the previous year. Earnings per share reached RMB 1.62, up by 161.3% year-on-year, and EBITDA rose to RMB 1,710 million (£118.14 million), reflecting a 102.4% increase year-on-year.

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Related news:

  1. Prinx Chengshan: Profit down 24.7% despite higher revenue in 2021
  2. Prinx Chengshan: Increased profits despite corona
  3. Prinx Chengshan: Increased sales, lower profit in H1 2022
  4. Prinx Chengshan invests £19 million in purchasing land for new Thailand tyre factory
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Sentury achieves rapid growth in 2023

Sentury Tire

2023 was a year of rapid growth for Sentury. The tyre manufacturer’s annual report showed that its revenue and net profit reached 7.84 billion yuan (about £860 million; €1 billion) and 1.37 billion yuan (about £150 million; €170 million), both have achieved a growth of more than 20 per cent compared with 2022.

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Related news:

  1. Rosava ‘restructuring’ as plant readies for larger tyre sizes
  2. Nokian Tyres net sales down over 30%
  3. MRF: Profits halved thanks to unprecedented material cost rises
  4. Aeolus approves 610 million yuan investment plan
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Yokohama Rubber back in the black in Russia

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Several tyre makers have sold their manufacturing operations in Russia since 2022; Yokohama Rubber has not. L.L.C. Yokohama R.P.Z. suspended operations at its Lipetsk passenger car tyre plant in March of that year due to issues with raw material procurement, resuming production in August 2022.

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Related news:

  1. Sales, profit up at Yokohama Rubber in Q2 2018
  2. Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
  3. ‘Highest ever’ – Yokohama H1 2021 financial results
  4. Record H1 2023 sales for Yokohama Rubber, but lower Tires profit
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Enviro in the red in 2023, now positioned for profitability

Scandinavian Enviro Systems AB (Enviro) has published its financial results for 2023, and these figures reflect the expense involved with setting up a new recycling solution for end-of-life tyres. The Swedish firm achieved net revenues of SEK 13.9 million (£1.1 million) during the year, a 73.8 per cent increase on 2022 revenues. Operating results were still in the red at SEK -93.6 million (-£7.1 million) and earnings after tax were SEK -92.3 million (-£7.0 million) (2022: SEK -83.6 million).

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Related news:

  1. Enviro given REACH, Uddevalla green lights
  2. Enviro, Antin partnering to recycle 1 million tonnes of tyres by 2030
  3. Enviro share issue funding JV, operations
  4. Enviro adds to key expansion team
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Profitable growth for Yokohama Rubber in 2023

In fiscal year 2023, Yokohama Rubber announced significant increases across key financial metrics, with revenue rising by 14.5% to reach 985.3 billion yen (£5.2 billion), operating profit increasing by 45.8% to 100.4 billion yen (£530.3 million) and profit attributable to owners of the parent company climbing by 46.4% to 67.2 billion yen (£354.9 million). These figures marked record-high full-year performance levels for Yokohama Rubber. The company also achieved its target of raising its ratio for business profit to sales revenue above 10% in line with the objectives it outlined in the YX2023 medium-term management plan.

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Related news:

  1. Higher sales, earnings at Yokohama Rubber in Q1 2018
  2. Sales, profit up at Yokohama Rubber in Q2 2018
  3. Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
  4. Yokohama Rubber announces record earnings
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Bridgestone profit up 10% in 2023

Stephen Goodchild / Tyre Industry Publications Ltd

Reporting its financial performance in the 2023 financial year, Bridgestone Corporation shares that it achieved revenue of ¥4,313.8 billion (£22.8 billion), a year-on-year increase of 5%; adjusted operating profit was ¥480.6 billion (£2.5 billion), a year-on-year decrease of 0.4%; operating profit was ¥481.8 billion (£2.5 billion), a year-on-year increase of 9%; profit before tax was ¥444.2 billion (£2.3 billion), a year-on-year increase of 5%; and profit attributable to owners of parent was ¥331.3 billion (£1.8 billion), a year-on-year increase of 10%.

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Related news:

  1. Bridgestone FY2020: First net loss in 7 decades
  2. Bridgestone: 2021 operating profit up 90%
  3. Bridgestone profit up in H1 2023 despite weakness in Europe
  4. Bridgestone Q3 2023 financial results
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2023 a profitable year for Toyo Tires

Toyo Tire Corporation should have no complaints about 2023, at least when looking at the company’s key financial figures. The Japanese firm has announced an 11.2 per cent year-on-year increase in net sales, to 552.8 billion yen (£2.9 billion). Operating income rose 74.6 per cent year-on-year, to 76.9 billion yen (£406.3 million) with a group-wide profit margin of 13.9 per cent.

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Related news:

  1. Toyo Tires’ tyre business improves in H1 2018, results muted by ‘dampner scandal’
  2. Toyo Tires tweaks R&D HQ’s organisational structure
  3. Toyo raises full-year 2021 estimates
  4. Toyo Tires closing US auto parts operation
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SRI quadruples profit in 2023

Despite significant interest rate hikes, geopolitical tensions, inflation and economic stagnation in some regions, modest signs of global economic recovery appeared in 2023. Sumitomo Rubber Industries (SRI) reports experiencing notable improvements in the financial year ending 31 December 2023, including a “significant reduction” in freight costs compared with the prior year as well as a “lull in the soaring raw material and energy costs,” leading to significantly improved profitability.

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Related news:

  1. Tyre energy to power vehicle electronics
  2. SRI: Lower full-year forecast despite profit bounceback
  3. SRI to “optimise” tyre business portfolio
  4. SRI profit down in H1 2023
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Goodyear lost $291 million in Q4 2023, but EMEA improvements

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Goodyear’s fourth-quarter 2023 sales decreased 4.8 per cent compared to the previous year driven by “the impact of lower replacement volume and lower third-party chemical sales”. That and other factors resulted in a fourth-quarter 2023 net loss of $291 million compared to a net loss of $104 million – 180 per cent worse than the figure a year ago.

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Related news:

  1. Integration on-track: Goodyear reports 16% growth plus greater synergies from Cooper Tire acquisition
  2. Goodyear reports 42% net sales increase in 2021, EMEA back in black
  3. Goodyear to cut 5% of salaried staff globally, $80 million 4Q loss expected in EMEA
  4. Goodyear reports $101 million net loss in Q1 2023, EMEA cost cutting accelerated despite breakeven
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Michelin announces “very strong” 2023 results

Publishing its financial results for 2023, Michelin Group reports that “despite adverse market conditions and currencies” it achieved “high segment operating income” during the year. The company opines that this achievement underscores the resilience of its business model and its commitment to enhancing employee engagement and advancing sustainability initiatives.

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Related news:

  1. Michelin reports reduced sales, income for 2020
  2. Michelin: Volumes up 7.5% in Q1 2021
  3. Michelin publishes “solid” H1 2021 results
  4. Michelin: YTD sales up 15.6% to €17.2 billion
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Sailun Group anticipating 133% profit growth for 2023

Driven by recovery within the domestic tyre market and the declining impact of destocking measures internationally in the second half of the year, Sailun Group expects to achieve a net profit of RMB 3.1 billion (£341.1 million) for 2023. This figure represents a year-on-year increase of some 132.77 per cent. Improving capacity utilisation rate pushed production and sales volumes within the company’s consumer, commercial and specialty tyre segments to “record highs,” with the gross profit margin of these products “substantially” increasing year-on-year.

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Related news:

  1. Sailun: Record operating income in H1 2022
  2. Sailun Group net profit rises 62% in H1 2023
  3. Nokian Tyres increases sales, profits
  4. Prinx Chengshan: Increased sales, lower profit in H1 2022
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Hankook Tire: 2023 “best ever” financial result

With sales of KRW 8,939.6 billion (£5.3 billion) and an operating profit of KRW 1,327.9 billion (£783.5 million), in 2023 Hankook Tire & Technology achieved the “best performance since its establishment.” Sales were up 6.5 per cent year-on-year, while operating profit increased 88.1 per cent. According to Hankook Tire, these results “solidify” the company’s position as a “prominent, top-tier global brand.”

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Related news:

  1. Hankook Tire: Record sales in 2022
  2. Hankook Tire boosts Q2 2023 revenue & operating profit
  3. Hankook Tire doubles operating profit, halves capex
  4. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
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Nexen Tire reports increased revenue, income for 2023

Stephen Goodchild / Tyre Industry Publications Ltd

Nexen Tire returned to the black in 2023 with a net income of KRW 110.6 billion (£67.0 million). This result contrasts with the net loss of KRW 27.5 billion recorded a year earlier. Revenue for 2023 amounted to KRW 2,701.1 billion (£1.6 billion), a year-on-year increase of 4.0 per cent. EBITDA rose 173.3 per cent year-on-year, to KRW 388.7 billion (£235.6 million), with a margin of 14.4 per cent.

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Related news:

  1. Nexen Tire: Sales up 4.2% in Q2 2017, material costs hit profit
  2. CDP Group discusses counter-trend strategies in Italian wholesale market
  3. Pirelli & C. Spa approves 2022 results
  4. Nexen debuts grrripping ad campaign
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