Halfords Groups reports that its “strong” first-half 2024 financial performance was driven by “substantial revenue and profit growth through increased market share” and “optimisation of our Autocentres business”. And that means we can expect accelerated capital investment in Autocentres moving forward.
Bridgestone Corporation announced its financial results for the third quarter of 2023 earlier today, reporting year-to-date consolidated revenue of 3,198.1 billion yen (£17.26 billion, US$21.17 billion), a seven per cent year-on-year increase. Operating profit rose six per cent year-on-year in the first nine months of 2023, to 362.3 million yen (£1.76 billion, $2.16 billion). The operating profit margin declined 20bps, to 11.3 per cent.
Continental has published its financial results for the three months to 30 September with the comment that Q3 2023 concluded “in line with expectations.” For the Tires group sector, the expectation was thus lower sales but an improved earnings position.
The Board of Directors at Apollo Tyres has approved the company’s unaudited financial results for July to September 2023 (Q2 2023-24). These show revenue of Rs 62.80 billion (£612.78 million) in revenue in the quarter ending 30 September, a 5.4 per cent year-on-year increase. Apollo Tyres shares that revenue growth was especially positive in its Indian Operations business.
Goodyear executives highlighted “improving industry conditions” and “solid operating results” in their third-quarter 2023 investor letter. High points include the Americas and Asia Pacific regions delivering margins above 8 per cent (the overall company’s goal for the second-half) during the quarter. Overall third-quarter segment operating income margin was 6.5 per cent, but the company “continue[s] to anticipate further gains during the fourth quarter.”
Hankook Tire & Technology reports consolidated sales of KRW 2,340.0 billion (£1.4 billion) and an operating profit of KRW 396.3 billion (£243.9 million) for Q3 2023. These results respectively represent year-on-year increases of 1.8% and 106%.
In the third quarter of 2023, Doublestar’s revenue increased by 11.95 per cent year-on-year to 1.23 billion yuan (approximately £139 million; €159 million). Doublestar specified that its PCR products had achieved profitability from July to September. However, overall, during the reporting period, the tyre manufacturer was still in the red despite an increase in operating income, with a loss of 53.32 million yuan (approximately £6 million; €6.87 million).
In its third quarter, Triangle produced 6.2706 million tyres, sold 6.5204 million tyres, and reported revenue of approximately 2.67 billion yuan (about £300 million; €340 million).
Despite a “complex market environment” the Michelin Group achieved “solid sales” in the past nine months, as chief executive officer Florent Menegaux emphasised yesterday when presenting the company’s latest financial information. According this Q3 2023 report, Michelin increased its sales by 2.0% to €21.15 billion in the first nine months of this year. This growth was driven by rising sales in the company’s Automotive and Specialty Businesses segments, which respectively increased 3.6% and 5.4% year-on-year. Sales within Michelin’s truck tyre business, its Road Transportation segment, were 4.3% lower.
Ceat Limited has reported consolidated revenue of Rs 30.53 billion (£301.1 million, US$366.8 million) for the three months ending on 30 September 2023, the second quarter of its 2023-24 financial year. This result reflects a 5.5% year-on-year rise in revenue. The Q2 FY23-24 EBITDA margin was 15.1%, up 202 bps on the prior quarter and 808 bps year-on-year. Net profit amounted to Rs 2.08 billion (£20.5 million, $25.0 million), an amount 44.2% higher than the prior quarter and an eye-watering 3125.5% increase year-on-year.
Sailun Group reports having produced 14.16 million tyres and selling 13.57 million tyres in Q2 2023. During the first half of this year, the company produced 25.68 million tyres, a year-on-year increase of 12.3 per cent. H1 2023 tyre sales amounted to 25.11 million pieces, up 12.3 per cent year-on-year.
In the first half of 2023, ZC Rubber’s revenue was 17.374 billion yuan (about £1.89 billion; €2.21 billion), an increase of 11.24 per cent from 15.618 billion yuan (£1.7 billion; €1.98 billion) in the same period last year. During the same period, the net profit of ZC Rubber was 1.625 billion yuan (approximately £177 million; €207 million).
Scandinavian Enviro Systems has reported an after-tax loss for Q2 2023 that is some seven times larger than its net revenue, but the company remains confident of its future following a directed share issue in May and as a definitive investment decision regarding its planned joint venture plant in Uddevalla, Sweden draws nearer. Enviro’s H1 2023 Half-Year Report also includes a statement from its CEO about delays to the start of construction work at the Uddevalla facility.
The Board of Directors at Apollo Tyres Ltd. reports a 124 per cent increase in net profit during the three months to 30 June 2023, the first quarter of the company’s 2023-24 fiscal year. Chairman Onkar Kanwar credits the efforts of Apollo’s European business towards this result.
Yokohama Rubber reports another record half-year, with sales in H1 2023 rising by 13.2% to 443.2 billion yen (£2.4 billion). The new Yokohama TWS division, created through the acquisition of the Trelleborg Wheel Systems business on 2 May, contributed greatly to this by delivering sales of 30.5 billion yen (£166.1 million) in the final two of the six reporting months. At the same time, the YOHT division lost 12.0 billion yen (£65.5 million) in sales.
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Stephen Goodchild / Tyre Industry Publications Ltd
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