Sales within the Tire division at Continental failed to reach the previous year’s level during the first three months of 2018. Tire division sales declined 4.4 per cent to 2.64 billion euros during the quarter, however Continental calculates that they would have risen 1.0 per cent had exchange-rate effects and changes in the scope of consolidation not influenced the result.
Cooper Tire & Rubber reports achieving net sales of US$601 million in the first quarter of 2018, a 6.5 per cent decrease on a year earlier. The tyre maker states that net sales were negatively impacted by $39 million of lower unit volume and $20 million of unfavourable price and mix, partially offset by $17 million of favourable foreign currency impact.
Goodyear Tire & Rubber reports that its sales in the first quarter of 2018 were, at US$3.8 billion, four per cent higher than those a year earlier, even though tyre unit volumes were down 2.5 per cent year-on-year to 39 million. Segment operating income was down in the first quarter, however, declining 28 per cent from $390 million a year ago to $281 million. Goodyear says this decrease was driven by the impact of higher raw material costs.
Key data pertaining to first quarter performance were presented at the Continental Annual Shareholders’ Meeting today ahead of the release of complete Q1 2018 figures on 8 May.
Blame for a -6.3 per cent decline in net sales during the first quarter of 2018 goes to the stronger euro, reports the Michelin Group. The tyre maker achieved total net sales of 5.2 billion euros in the three months to 31 March 2018, an amount that represents a 1.4 per cent improvement – had exchange rates remained constant. However, with currency effects of 7.7 per cent, Michelin was unable to match the 5.6 billion euros earned in the opening quarter of last year.
Preliminary figures for Continental’s 2017 financial year were presented today and show an 8.5 per cent growth in sales, to 44 billion euros, and an EBIT margin of 10.9 per cent. With these two figures, the tyre maker and technology provider states that it surpassed its targets for the year. Net income increased 6.5 per cent year-on-year to 3 billion, which equates to earnings of 14.92 euros per share.
Preliminary figures for Continental’s 2017 financial year were presented today and show an 8.5 per cent growth in sales, to 44 billion euros, and an EBIT margin of 10.9 per cent. With these two figures, the tyre maker and technology provider states that it surpassed its targets for the year. Net income increased 6.5 per cent year-on-year to 3 billion, which equates to earnings of 14.92 euros per share.
Pirelli & C. S.p.A. has reported a 7.6 per cent increase in revenues, to 5.35 billion euros, for the 2017 financial year. This figure is below the growth target of approximately nine per cent set for 2017; Pirelli says this lower growth was due to a greater than anticipated forex impact and the acceleration of the reduction of exposure to its ‘standard’ segment. The aforementioned revenue increase includes growth of 11.8 per cent within what Pirelli refers to as its ‘High Value’ segment, whose revenues of 3.08 billion euros accounted for 57.5 per cent of sales, up from 55.3 per cent in 2016.
Cooper Tire & Rubber Company has reported full year 2017 net income of US$95 million, or diluted earnings per share of $1.81, a 61.7 reduction on the $248 million earned the year before. Income was affected by tax reform in the USA; the tyre maker states that excluding these discrete tax items, earnings per share would have amounted to $3.10.
In the past financial year, Sumitomo Rubber Industries (SRI) significantly increased its sales revenue, and the company’s European business played its part in achieving this result. Overall sales rose 16.0 per cent to 756.70 billion yen (£5.1 billion).
Kumho Tire Co., has reported net losses of 88.56 billion won (US$81 million) for 2017, up significantly from 37.9 billion won a year earlier, according to the Yonhap news agency’s translation of a regulatory filing on the matter.
Although Apollo Tyres Ltd. reports that its sales were up in the third quarter of its current financial year and exceeded Rs 40 billion for the first time ever, net profit for the period was lower year-on-year. The tyre maker’s net sales increased 16.9 per cent year-on-year in the three months to 31 December 2017 to Rs 40.16 billion (£451.1 million), while operating profit was up 1.1 per cent to Rs 5.43 billion (£61.0 million). Net profit was down -17.2 per cent to Rs 2.45 billion (£27.5 million).
The Goodyear Tire & Rubber Company has reported results for the fourth quarter of 2017 as well as for the entire year.
Preliminary key data for the 2017 fiscal year published this week shows annual sales at Continental AG to have met estimates announced in November. The tyre maker and automotive technology company reports sales of “around 44 billion euros,” while the adjusted EBIT margin for the year is approximately 10.8 per cent. Continental views its annual targets as being “exceeded”.
MRF tyres has posted a 22 per cent decline in net profit to 300 crore rupees (£34.772 million) for the second quarter, which ended September 2017.
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