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Yokohama Rubber: Profit up 56% in Q1 2017

Thanks largely to gains in its tyre business outside Japan and the first-time inclusion of Alliance Tire Group B.V. (ATG) in its consolidated results, Yokohama Rubber Co., Ltd. performed well in the first quarter of 2017. Net sales increased 14.2 per cent year-on-year to 147.7 billion yen (£1.0 billion), operating income was, at 9.1 billion yen (£61.8 million), 32.0 per cent higher than during the same period a year ago, and profit attributable to owners of parent was up 56.4 per cent to 5.7 billion yen (£38.7 million).

12th May 2017/by Tyrepress Editors

Uniwheels reports higher sales, profit in Q1 2017

Alloy wheel manufacturer Uniwheels AG reports that it sold 2.436 million original equipment and aftermarket rims in the first three months of this year. This volume is 16.7 per cent higher than that achieved in the first quarter of 2016 and led to Q1 2017 revenues of €131.6 million, a year-on-year increase of 20.6 per cent. Revenue growth outstripped that of unit sales due to the presence of more higher value added items in the product mix as well as quarterly aluminium price adjustments.

12th May 2017/by Tyrepress Editors

Bridgestone profit up 4.4% in Q1 2017

For the three months to 31 March 2017, Bridgestone Corporation reports net sales of 851.9 billion yen (£5.8 billion), 3.2 per cent more than in the first quarter of 2016. Operating income decreased 5.0 per cent year-on-year to 103.1 billion yen (£698.8 million) with an operating margin of 12.1 per cent, and ordinary income was down 6.4 per cent to 96.9 billion yen (£656.8 million), decreases Bridgestone says occurred in part due to increases in raw material costs. Profit attributable to owners of parent amounted to 59.2 billion yen (£401.2 million) during the first quarter of 2017, a year-on-year increase of 4.4 per cent.

11th May 2017/by Tyrepress Editors

Nokian Tyres: Net sales and profit up in Q1 2017

Net sales were up at Nokian Tyres in the first quarter of 2017 as was, despite increased raw material costs, net profit. Andrei Pantioukhov, the tyre maker’s interim president and chief executive officer, declared that Nokian Tyres “had a strong start of the year” and “demonstrated strong performance in all our main market areas.”

10th May 2017/by Tyrepress Editors

Continental: Net income up 2.1% despite higher in raw material costs

Tyre maker and automotive systems supplier Continental AG has reported sales of €11.0 billion in the first quarter of 2017, a 11.7 per cent increase year-on-year. Organic sales growth came to 9.5 per cent. At the same time, net income attributable to the shareholders of the parent rose by 2.1 per cent to €749.6 million, or €3.75 per share. This overall positive bottom line result was achieved in spite of increased raw material prices; Continental also expects to see rising raw material prices in the second quarter of the year.

9th May 2017/by Tyrepress Editors

Apollo Tyres: Net profit down 16.1% in last quarter

The Board of Directors of Apollo Tyres Ltd has recommended a dividend payout of 300 per cent, or Rs 3 per share, after approving the company’s financial results for the 2016-17 financial year. Total revenues for the 12-month period ending 31 March 2017 increased 10.9 per cent to Rs 143.2 billion (£1.7 billion), while consolidated revenue came to Rs 130.6 billion (£1.6 billion). Net profit declined 2.1 per cent to Rs 11.0 billion (£131.5 million).

8th May 2017/by Tyrepress Editors

MRF Ltd announces results for year ending 31 March 2017

Indian tyre maker MRF Limited reports income of Rs 150.1 billion (£1.8 billion) for the 12 months to 31 March 2017. Net profit for the year came to Rs 14.5 billion (£174.6 million), and the company’s Board of Directors has recommended a final dividend of Rs 54 per share.

5th May 2017/by Tyrepress Editors

Titan International increases sales, reduces net loss in Q1 2017

After 18 quarters of year-on-year declines in a row, Titan International has reported a rise in net sales during the first quarter of 2017. During the three months to 31 March, net sales increased 11.1 per cent to US$357.5 million. A loss was still recorded in the bottom line, however the $10.5 million net loss applicable to common shareholders for the first quarter of 2017 was a 41.4 per cent improvement compared with the first quarter of 2016.

5th May 2017/by Tyrepress Editors

Hankook Tire profits down in Q1 2017

Hankook Tire has reported sales of KRW 1639.2 billion (£1.1 billion) in the first quarter of 2017, an 0.8 per cent increase on its first quarter sales a year earlier. The Korean tyre maker attributes this slight rise in sales to strong volume growth in most regions, and to the “impressive” sales performance of its ultra-high performance tyres; sales of these products grew 1.4 per cent year-on-year (sales were up 11 per cent year-on-year in Europe and 26 per cent in China) and accounted for 36.7 per cent of total sales generated in Q1 2017.

4th May 2017/by Tyrepress Editors

Cooper Tire: Raw material costs deflate profit in Q1 2017

Although its revenues remained at roughly the same level as a year earlier, Cooper Tire & Rubber experienced a 46.2 per cent year-on-year drop in operating profit during the first quarter of 2017. The largest contributor to this unfavourable result was raw material costs which, net of price and mix, removed $42 million from the result.

3rd May 2017/by Tyrepress Editors

Goodyear: Q1 2017 income restrained by higher costs, lower demand

The Goodyear Tire & Rubber Company has reported its results for the first quarter of 2017, and these show unit volumes and income to be slightly down compared with the same quarter a year ago. Richard Kramer describes the latest results as “a great outcome given an environment of rising raw material costs and weaker demand.” The chairman, chief executive officer and president adds that Goodyear’s Q1 performance “is a result of the disciplined execution of our strategy.”

2nd May 2017/by Tyrepress Editors

Continental Q1 2017 sales up 11.7% to €11 billion

Although Continental AG won’t publish its full first quarter business figures until 9 May, key data for the three months to 31 March 2017 were released during the company’s Annual Shareholders’ Meeting today. Sales amounted to €11 billion during the quarter, a 11.7 per cent increase year-on-year. Organic growth, adjusted for changes in the scope of consolidation and exchange rates, amounted to 9.5 per cent, to which the Automotive Group’s business made a considerable contribution. The adjusted operating result (adjusted EBIT) increased to around €1.2 billion, while the adjusted EBIT margin was 10.7 per cent.

28th April 2017/by Tyrepress Editors

Sailun Jinyu anticipates RMB 50 million loss in Q1 2017

Company News, International News

The bottom line at China’s Sailun Jinyu Group Co Ltd took a hit in the first quarter of 2017. According to preliminary statistics provided by its financial department, the tyre maker anticipates a net loss attributable to shareholders in the vicinity of RMB 50 million (-£5.65 million). In the same three-month period a year earlier, the company reported a net profit of RMB 95.16 million (£10.76 million).

27th April 2017/by Tyrepress Editors

Shandong Linglong Tire: Net income up 49% in 2016

Company News, International News

Shandong Linglong Tire Co Ltd has reported increased sales and profits for 2016. In its 2016 Annual Report, the Chinese tyre maker declares net sales of RMB 10.5 billion last year (£1.2 billion), a 20.4 per cent increase from 2015 and a record high. Operating income rose 32.3 per cent to RMB 1.1 billion (£124.7 million) and net income was up 49.0 per cent to RMB 1.0 billion (£113.4 million).

26th April 2017/by Tyrepress Editors

Triangle Tire net profit down 2.6% in Q1 2017

Despite a 36.3 per cent increase in operating income to RMB 2.2 billion (£249.4 million) in the first quarter of 2017, Triangle Tire reports that its year-on-year net profit declined 2.6 per cent in the first three months of the year to RMB 156.9 million (£17.8 million).

24th April 2017/by Tyrepress Editors