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Joint venture sale lifts Cooper Tire 2014 income

The sale of its share in the Cooper Chengshan (Shandong) Tire Company joint venture operation in China helped propel Cooper Tire & Rubber’s net income upwards in 2014 and played a key role in quadrupling it in the final quarter of the year. Net sales were 0.4 per cent lower year-on-year, dragged down by weak performance outside of the Americas and the absence of Cooper Chengshan towards the end of the year. The tyre maker says it aims to maintain its margins in 2015 and expects to exceed industry unit volume growth rates in its largest markets; house brands will be a key contributor to this growth.

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  1. Cooper Tire: 2013 figures show impact of ‘unique challenges’
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Trelleborg Wheel Systems’ 2014 sales down as OEM production slows

The agricultural and industrial tyre and wheel unit, Trelleborg Wheel Systems (TWS) recorded five per cent lower organic sales in 2014, after original equipment manufacturers reduced equipment production. The decline in organic sales was not reflective of material handling vehicle industrial/specialist tyre and wheel sales, which Trelleborg said were slightly positive for the full year. Despite the reduced agricultural sales, operating profit for the unit rose to 504 million SEK (£38.84m), with margins also up from 11.7 to 12.1 per cent.

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Goodyear delivers strong operating income in 2014

Although sales were down 5.2 per cent last year, Goodyear Tire & Rubber was nevertheless able to report record operating profit in 2014. Sales of US$18.1 billion for the year were impacted by $571 million in unfavourable foreign currency translation. Tyre unit volumes totalled 162 million, slightly lower than the 162.3 million recorded in 2013, with original equipment volumes down three per cent and replacement market tyre shipments up one per cent.

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JK Tyre reports US$ million 3Q net profit

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Indian tyre manufacturer JK Tyre has reported consolidated net profits of $14.8 million for its third quarter of 2014, which ended 31 December 31, 2014. The quarterly profit report represents an increase of more 56 per cent compared with the same period last year. JK Tyre’s turnover in the period amounted to $322 million. Raghupati […]

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Toyo reports 169% increase in full-year 2014 net income

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Toyo Tire & Rubber Co., Ltd. has reported 2014 consolidated business results showing net sales of 393,782 million yen (£2.146 billion; 2.899 billion euros, US$3.305 billion), up 6.4 per cent compared with 2013. Operating income amounted to 47,510 million yen (£259.657 million; 349.804 million euros; $398.756 million), a 27.6 per cent up on 2013. However, the fastest increase was in the net income category where the full-year total of 31,240 million yen (£170.281 million; 230.012 million euros; $262.2 million) was up a huge 169.4 per compared with a year ago.

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Another record year for Yokohama Rubber

Yokohama Rubber reports that its net sales, operating income, and net income climbed to record levels in fiscal 2014. This is the third consecutive year of record results for the company, and it opines that this performance “reflected robust growth in tyre business in the original equipment market in Japan and vigorous sales gains in markets overseas.” Yokohama’s earnings benefited from a decline in raw material costs and from the weakening of the yen, as well as from the sales growth.

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  1. Yokohama 2013 net income climbs 7.3%
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  4. Sales, profit up at Yokohama Rubber in Q2 2018
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Analysts: Michelin financial results ‘light’, but cashflow good and dividend flat

Following the publication of Michelin’s full-year 2014 results and 2015 guidance, some financial analysts described the figures as “light of expectations”. This, they said, was expected to lead to falls in Michelin’s share price in response. But the share price didn’t fall, in fact it was up about two cents by the time the markets close on 11 February, the day after the figures were announced.

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Michelin profits down, volumes stable – “more assertive” distribution planned for 2015

Although volumes were slightly up, Michelin had to accept lower year-on-year turnover and profit in the 2014 financial year. Nevertheless, CEO Jean-Dominique Senard stated that last year’s results “provide further confirmation of the group’s strong fundamentals.” He added that measures intended to drive growth this year include the introduction of new Michelin product ranges and a “revamped line-up” within the company’s other tyre brands. Another factor Senard says we can look forward to is “more assertive distribution,” a reference to Michelin’s recently increased interest in wholesale operations within Europe.

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  1. Michelin boosts profits in first-half 2014
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Apollo maintains profit margins despite Africa costs

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Apollo Tyres Ltd has reported consolidated revenue for the nine months (April to December) of FY15 closed at s 96.270 billion rupees (£1.018 billion; 1.369 billion euros; 1.552 billion). Pre-tax profits (EBITDA), without exceptional items, stood at 14.72 billion rupees (£155.682 million; 209.404 million euros; $237.372), up 0.9 billion rupees compared to the same period […]

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  1. Apollo Tyres: Raw material prices drags profit down 72%
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  4. Apollo Tyres reports volume growth in Europe, India, says rubber prices a “challenge”
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Nexen Tire profits and sales up in 2014

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Nexen Tire reports that operating earnings increased 18 per cent in 2014. According to the Korea-based tyre manufacturer, this was based on lower raw material costs and improved sales. Meanwhile sales were 1.7 per cent higher at US$1.68 billion, raising the operating ratio nearly two points to 11.9 per cent. Net income rose 4.7 per […]

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  1. Nexen aiming for US$2.5 billion sales by 2015
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Hankook maintains operating profit in 2014

Following on from the release of its fourth quarter figures, Hankook Tire has published its full-year 2014 results and describes its performance during the year as “solid”. On the back of sales amounting to KRW 6,679.5 billion (£4.0 billion), a result 5.5 per cent below that achieved in 2013, the tyre maker managed to maintain operating profit, which at KRW 1,031.1 billion (£620.0 million) was virtually the same as a year earlier. The profit to sales ratio was 15.4 per cent.

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  1. Hankook reports modest Q3 growth
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Sales, profit down for Hankook Tire in Q4 2014

Hankook Tire reports that its sales during the fourth quarter of 2014 declined 5.2 per cent year-on-year, while operating profit decreased 4.3 per cent. In a disclosure lodged with the Korea Stock Exchange on 30 January, the tyre maker gave its sales for the final quarter of last year as KRW 1,628.1 billion (£982.6 million). Sales were KRW 1,715.5 billion in the third quarter of 2014 and KRW 1,171.9 billion in the fourth quarter of 2013.

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ATS Euromaster back in the black

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At the start of the year that ATS Euromaster marks its 50th anniversary, the leading tyre retail chain is kick-starting 2015 with the welcome news that it has returned to profitability after a challenging few years in the red. According to executives, this comes as the result of the successful implementation of a five-year turnaround plan and means ATS Euromaster is on-track to significantly increase profits over the next couple of years.

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Is Continental’s 4Q EBIT preview a low-level profit warning?

Shortly after Continental AG pre-released its fourth quarter 2014 results at the North American International Auto Show in Detroit on Monday 12 January 2015, the company also previewed estimated fourth quarter pre-tax profits. The problem is that while the majority of the advance figures were broadly in line with expectations, the pre-tax profit (EBIT) figure wasn’t. So with this in mind it begs the question of whether Continental executives are preparing the market for a lower than expected result when the final figures are published on 5 March 2015.

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Aeolus Tyre fined for falsifying 2011, 2012 financials

In a Chinese-language statement submitted to the Shanghai Stock Exchange on 9 January, Aeolus Tyre Co. Ltd reports that the Henan office of the China Securities Regulatory Commission has fined the company for falsifying its financial results for the 2011 and 2012 fiscal years.

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