Bridgestone Corporation improved its sales and profit in the second quarter, contributing to H1 2023 revenue of 2.10 trillion yen (£11.52 billion), up 11.4% year-on-year. Operating profit increased 15.3% in the first half of the year, to 238.30 billion yen (£1.31 billion), even without the EMIA region contributing to this overall positive development. Profit margin increased 0.3 points in H1 2023, to 11.3%.
Sumitomo Rubber Industries, Ltd achieved lower profit in H1 2023 despite increasing sales and operating profit. The company has nonetheless upwardly revised its full-year profit forecast from 21,000 million yen to 23,000 million yen (£127.1 million, US$162.2 million).
The decline in net sales and income that Titan International, Inc. experienced in the first quarter of the year has continued in the second, with all operating segments reporting year-on-year decreases. Company president and chief executive officer Paul Reitz is nonetheless “very pleased” with these Q2 2023 results.
The Goodyear Tire & Rubber Company’s fell share price fell 20 per cent when markets opened on 3 August 2023. The sharp fall to around $12.30 represents the lowest point since investor Elliott called for largescale strategic and board composition changes on 11 May 2023. At the time of going to press, Goodyear’s share price was showing signs of recovery and trading at around $13.15.
The Goodyear Tire & Rubber Company has reported a second quarter 2023 net loss of $208 million compared to net income of $166 million a year ago. According to executives, the sharp drop was primarily due to lower sales volume and higher “other expense”, driven by lower net gains on asset sales and higher pension costs.
In spite of weaker volumes in H1 2023, thanks to improved price/mix Pirelli grew its revenues 7.5% YoY, to 3,437.5 million euros. Organic revenue growth was 10.4%. Price/mix increased 12.5% in H1 2023, supported by price increases to counter the growing inflation of production factors.
Hankook Tire & Technology reports increasing its revenue and operating profit in Q2 2023 despite a difficult business environment. Revenues were up 11 per cent year-on-year to KRW 2.2634 trillion (£1.37 billion, US$1.77 million), and operating profit jumped 41.6 per cent to KRW 248.2 billion (£150.41 million, $194.0 million). At 11.0 per cent, operating margin was 2.4 percentage points higher than in Q2 2022.
Michelin has reported its business results for the six months to 30 June 2023, and chief executive officer Florent Menegaux describes these as good within a context of flat or declining tyre markets. The company is increasingly generating revenue through non-tyre sales.
Ceat Limited has announced its unaudited results for the first quarter of its 2024 financial year, the three months ending on 30 June 2023. Consolidated revenue is up 4.1% YoY, to Rs 29.35 billion (£277.7 million), with an EBITA margin of 13.1%.
Prinx Chengshan announced its operating conditions in the first half of 2023. The tyre company said that its net profit in the first half of the year was between 285 million yuan (about £31 million; €36 million) and 333 million yuan (about £36 million; €42 million), an increase of about 80-110 per cent over the same period in 2022.
In spite of a steep year-on-year drop in operating profit during Q2 2023, Nokian Tyres believes it has made significant progress towards rebuilding the company following the decision to cut its ties with Russia. It expects a stronger second half to 2023 due to winter and all-season tyre sales and the contribution made by contract manufacturing.
Pirelli & C. SpA has announced that the Board of Directors meeting to review its financial report for the six months to 30 June 2023 will now take place on Thursday 27 July 2023 and not on 3 August 2023, as previously scheduled.
Doublestar, Guizhou Tyre, Linglong, Triangle, and Aeolus recently disclosed their semi-annual results forecasts. Doublestar was in the red in the first half of 2023. The other four tyre companies estimated that their performance would rise. Tyrepress China found that adjusting market and product structure became essential reasons for the net profit growth of several Chinese tyre companies. At the same time, the decline in raw material prices and shipping costs benefited tyre manufacturers in the first half of the year.
Continental has published preliminary figures for Q2 2023, reporting that it anticipates sales within its Tires group sector of approximately 3.5 billion euros, a figure in line with the analyst consensus compiled by the company as of 12 July. The company expects adjusted EBIT margin of around 13.7%.
Kumho Tire shares that its performance in the all-important European market has recently shown strong growth. First-quarter sales for 2023 were up 92% on those of the same period last year at €165 million, while the quarter-on-quarter figures rose by a solid 15%. Impressive as these results are, the company views them as “just the first stage” in a period of sustained investment which it anticipates will result in ongoing growth within the region.
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Prinx Chengshan