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Tirendo’s presence felt in Delticom Q1 results

Net income at online tyre retailer Delticom took a dive in the first quarter of 2014, despite a year-on-year rise in sales revenue. While the addition of Tirendo sales and an early start to the summer season drove revenues up 16.4 per cent to €94.3 million in the three months to 31 March 2014, the good news ended there. EBITDA declined 26.0 per cent to €2.4 million in the first quarter, and ppa-effect pushed EBIT down to €0.3 million, a year-on-year reduction of 88.4 per cent. EBIT margin was 0.3 per cent in the first quarter of 2014, as opposed to 3.1 per cent a year earlier. Net income shrank – to use the word Delticom applied in its 3-Month report – by 98.8 per cent, to €20,400.

15th May 2014/by Tyrepress Editors

Nexen leading Korean bloc 1Q results

Company News, International News

Although it is the smallest of the three Korean tyre makers, Nexen has surprised some observers by being the only company in the country to increase both sales and operating profits in the first quarter of 2014. Of course the figures also show that both Kumho and especially Hankook remain significantly bigger than Nexen in terms of both measures, but the news caps a strong quarter for Nexen, which also announced the opening of a European factory and a number of awards and OE deals in the period.

15th May 2014/by Tyrepress Editors

Apollo profits up 64% in fiscal 2013-14

Annual and final quarter results for Apollo Tyres’ 2013-14 fiscal year, which ended on 31 March, show a solid increase in net profit for the India-headquartered tyre maker. In the 12 months between the start of April 2013 and the end of March 2014, the company achieved net sales of Rs 133.1 billion (£1.3 billion); this represents year-on-year sales growth of four per cent. Full-year operating profit rose 19 per cent over the previous year to Rs 19.7 billion (£197.2 million), while operating profit margin rose from 12.1 per cent to 14.8 per cent. Net profit jumped 64 per cent year-on-year to Rs 10.1 billion (£101.1 million).

15th May 2014/by Tyrepress Editors

Bridgestone markedly lifts margins, improves European performance in Q1

During the first quarter of fiscal 2014, Bridgestone achieved net sales of 863.6 billion yen (£5.0 billion), an 8.7 per cent year-on-year increase on the 1 January to 31 March 2013 quarter. Operating income was 116.3 billion yen (£677.1 million), up 56.3 per cent year-on-year, while operating margin rose from 9.4 per cent a year ago to 13.5 per cent in the first quarter of 2014. Net income increased 66.9 per cent year-on-year to 71.9 billion yen (£418.6 million).

12th May 2014/by Tyrepress Editors

Q1 operating profit a ‘record’, says Yokohama

Yokohama Rubber reports that its operating income reached a record high in the first quarter of 2014. On the back of net income of net sales that were up 9.6 per cent year-on-year to 139.9 billion yen (£810.9 million), operating income jumped 54.6 to 11.7 billion yen (£67.8 million). Net income, at 6.5 billion yen (£37.7 million), was 14.8 per cent higher than in the first quarter of 2013. Sales and earnings increased in each of Yokohama’s three business sectors: tyres, industrial products, and other products. The company says its tyre business’ strong performance reflected robust growth in Japan and sales growth overseas. Operating income benefited in each business sector from a downward trend in raw material prices and from the weakening of the yen, as well as from sales growth.

9th May 2014/by Tyrepress Editors

Cooper Tire announces investor day webcast details

On 15 May, Cooper Tire & Rubber will webcast its Investor Day presentation live, starting at 8:30am US EDT (1:30pm BST, 2:30pm CEST). Cooper chairman, chief executive officer and president Roy Armes and chief financial officer Brad Hughes, as well as other members of the company’s executive leadership team, will review business operations, company financials and Cooper’s long-term strategic plan.

9th May 2014/by Tyrepress Editors

Michelin acquires share in fuel cell firm

Fuel cell system specialist Symbio FCell reports that Michelin has taken a “significant minority stake” in its business. This acquisition was made as part of a capital increase, and Symbio FCell views Michelin as more than just a shareholder: “Michelin, by virtue of its considerable research and development in hydrogen fuel cells and sustainable mobility, brings value to this partnership,” wrote Symbio FCell in a statement on 6 May.

8th May 2014/by Tyrepress Editors

Pirelli Q1 results show European recovery, premium growth

Pirelli says its first quarter 2014 performance reflects the recovery in demand within Europe that was first witnessed in the final quarter of last year along with the good health of the premium segment, where the Italian tyre maker is focused. The company also points out the positive performance of its business in Russia, where revenues bucked market treads to increase 5.4 per cent (excluding exchange rate effects) and profitability stood at “high single digit levels.”

8th May 2014/by Tyrepress Editors

Currency devaluation pulls down Nokian Q1 results

Finland’s Nokian Tyres Group has reported a year-on-year decline in sales, operating profit and earnings during the first quarter of 2014. Despite a growth in sales volumes, currency devaluation – particularly in the Russian rouble – led to net sales between 1 January and 31 March declining 6.3 per cent to €311.9 million. Operating profit for the period was €68.4 million, 10.4 per cent below the same period a year earlier, and profit for the period amounted to €38.7 million, a year-on-year drop of 39.1 per cent. Earnings per share came to €0.29 as opposed to €0.48 a year earlier.

7th May 2014/by Tyrepress Editors

Continental profits markedly up in Q1 2014

In the first quarter of this year, sales at Continental Corporation increased 4.4 per cent to €8.39 billion, while net income attributable to shareholders of the parent rose 33.3 per cent to €588.3 million, or €2.94 per share. This jump in profits prompted CEO Dr. Elmar Degenhart to comment that the tyre and automotive systems manufacturer is “very capable of combining our growth with value creation.” EBIT rose by almost 21 per cent year-on-year to €903 million as at March 31. This corresponds to a margin of 10.8 per cent, after 9.3 per cent in the previous year. Adjusted EBIT for the first quarter climbed by 19.7 per cent year-on-year to €953 million in the first quarter. The adjusted EBIT margin was 11.4 per cent.

6th May 2014/by Tyrepress Editors

Cooper Q1 revenue, operating profit down year-on-year

As Cooper Tire & Rubber enters its centennial year, the US tyre maker has reported first quarter operating profit slightly below the record result achieved last year. On the back of net sales of US$796 million, 7.5 per cent lower than a year earlier, Cooper achieved a quarter operating profit of $81 million, 16.5 per cent down on the first quarter 2013 operating profit, which was the highest ever in the company’s 100-year history. Operating profit was 10.2 per cent of net sales. The company reported net income attributable to Cooper Tire & Rubber Company of $0.71 per share, or $45 million, in the first quarter. This compares with $56 million, or $0.87 per share, for the same period last year.

2nd May 2014/by Tyrepress Editors

Slight dip for Hankook in Q1 2014

Revenue and operating profit at Hankook Tire was marginally lower year-on-year in the first quarter of 2014, the company reported on 30 April. Global sales revenue amounted to KRW 1.675 trillion (£958.9 million) between 1 January and 31 March, 0.3 per cent lower than the revenue achieved in the first quarter of 2013. Operating profit in Q1 2014 was KRW 260.1 billion (£148.9 million), 0.7 per cent less than a year earlier. Operating profit to sales ratio was 15.5 per cent.

2nd May 2014/by Tyrepress Editors

Goodyear posts Q1 results, confirms targets

While Goodyear Tire & Rubber has expressed satisfaction with the US$373 segment operating income earned in the first quarter of 2014, chairman and CEO Richard Kramer acknowledged the effect of ‘headwinds’ in emerging markets during the three-month period, particularly the impact of Venezuela on the company’s Latin America business. Segment operating income was up 24 per cent year-on-year and had a margin of 8.3 per cent; this is the fourth consecutive quarter where SOI margin has exceeded eight per cent.

30th April 2014/by Tyrepress Editors

Titan to reduce employee headcount following disappointing Q1 performance

First quarter 2014 financials for Titan International are out, and Maurice Taylor says the company’s performance during the opening three months of the fiscal year fell short of expectations, mainly due to a “nonexistent” mining business, declines in the original equipment and aftermarket agricultural segments, and higher fuel costs. Titan now intends to instigate a series of optimisation measures at its global facilities.

25th April 2014/by Tyrepress Editors

Michelin reports higher volumes, lower sales in Q1 2014

During the first quarter of the 2014 fiscal year, Michelin experienced a 3.4 per cent rise in volumes, with fast original equipment segment momentum and growth in the truck tyre business, while weak mining tyre sales were offset by growth in aviation and two-wheel tyre business within the specialty tyre segment. This increase in volumes did not translate to higher net sales, however.
Overall Michelin Group sales declined 2.4 per cent year-on-year to €4.76 billion.

24th April 2014/by Tyrepress Editors