Halfords, which bought Nationwide Autocentres almost 18 months ago, has suggested that there could be scope to increase its expansion plans beyond the ambitious target to double its presence to around 400 sites announced during the purchase. During a recent conference with financial analysts the company spoke of the “analysis of potential catchments – 400 possibly up to 600 sites.”
Nano-precipitated calcium carbonate manufacturer ShengdaTech, Inc. reports its business operations will continue to be conducted as usual during its appeal against the delisting determination issued by The Nasdaq Stock Market LLC’s Listing Qualifications Department. The appeal, ShengdaTech reports, has temporarily stayed the delisting pending a hearing on the matter on May 26. ShengdaTech acknowledges there is no assurance its appeal for continued listing will be granted and even goes as far as admitting that, should it be granted, it can not assure it will “be able to execute upon such request in a timely manner or to the satisfaction of Nasdaq.” Should the Nasdaq confirm the delisting determination, ShengdaTech’s securities will be subject to imminent delisting from Nasdaq and will be quoted for trading in over-the-counter securities markets.
During the 2011 fiscal year, which in Japan began on April 1, 2010, net sales at Yokohama Rubber increased 11.4 per cent year-on-year to 519.7 billion yen (£3.9 billion); leading this sales growth were tyres and hose, sealant and adhesive products, and the company reports it “reinforced its sales momentum” through successfully implementing price increases that offset the effect of rising raw material costs and the appreciation of the yen. Operating income increased 37.5 per cent to 29.5 billion yen (£223.0 million) and net income grew 21.2 per cent to 13.9 billion yen (£105.1 million).
Goodyear Tire & Rubber has announced the appointment of Gregory A. Fritz to the position of vice president, investor relations. In his new role, Fritz, who prior to joining the tyre maker was assistant treasurer and senior director, investor relations for Whirlpool Corporation, will report to Darren R. Wells, executive vice president and chief financial officer.
A combination of successfully implemented cost-cutting initiatives plus increased tyre prices in international markets are behind Bridgestone Corporation’s release of revised consolidated financial projections for the fiscal year ending December 31, 2011. The Japanese tyre maker now expects to achieve net sales of 1,480,000 million yen (£11.2 billion) during the first half of the current financial year and 3,190,000 million yen (£24.1 billion) for the full year to December 31 – an increase of 10,000 million yen on the projected figures released on February 18. Operating income for the first half has been bumped up to 72,000 million yen (£544.7 million) and 167,000 million yen (£1.3 billion) for the full year, both 27,000 million yen more than projected in February. Ordinary income projections for the half and full year have both also been upwardly revised 27,000 million yen, to 64,000 million yen (£484.2 billion) and 151,000 million yen (£1.1 billion) respectively. Projected net income for the half and full year has been increased by 12,000 million yen to 35,000 million yen (£264.8 million) and 94,000 million yen (£711.1 million).
Diminished profits are the order of the day in Ceat Ltd’s audited financial results for the financial year ended March 31, 2011. Performance in the final quarter impacted on the Indian manufacturer’s performance, and despite annual income growing 24.2 per cent to Rs 35163.3 million (£477.3 million), annual net profit plummeted from Rs 1610.3 million at the end of 2010 to Rs 222.8 million (£3.0 million).
Results for the first three months of the current financial year show Pirelli & C. SpA revenues increasing 23.4 per cent year-on-year to 1,401 million euros and a 43.3 per cent growth in the company’s gross operating result (EBITDA) to 203.4 million euros. The operating result (EBIT) before restructuring charges was 146.5 million euros, compared with 90.2 million euros in the first quarter of 2010, while EBIT after restructuring charges was 143.3 million euros, a year-on-year increase of 63.6 per cent. EBIT margin increased from 7.7 per cent in the first quarter of 2010 to 10.2 per cent.
Giving an update on its assistance to relief efforts following the Japan earthquake and tsunami, Yokohama Rubber reports that as of April 28 Yokohama group companies and their employees had donated a total of approximately 88,500,000 yen (US$1,100,000) to the relief effort. That total includes donations of 61,700,000 yen ($760,000) by Yokohama group companies and their employees in Japan, including a 50,000,000 yen ($610,000) corporate donation by the parent company, and 26,800,000 yen ($330,000) by group companies and their employees in other nations. The companies and employees made their contributions mainly through the Red Cross societies in their nations.
Goodyear has been ranked the 38th most reputable company in the USA by Forbes magazine. The magazine’s sixth annual ranking of corporate reputation in the US, released on its website, made Goodyear – the only tyre-maker on the list – the highest-ranked company in the automotive industry. The list was compiled based on the results of the Reputation Institute’s US Reputation Pulse consumer opinion survey, which measures the overall respect, trust, esteem, admiration and good feelings consumers hold towards 150 of the country’s largest companies.
Goodyear has announced that it will report its first quarter financial results before markets open on 29 April, followed by an investor conference call at 10:00 local time (five hours behind the UK). Chairman and chief executive officer Richard J Kramer and executive vice president and chief financial officer Darren R Wells will be present. As usual, the manufacturer will post the information on its investor relations website 45 minutes before the conference call. A replay will be available on the website.
In his address at The Goodyear Tire & Rubber Company’s Annual Shareholder Meeting today, chairman and chief executive officer Richard J. Kramer said he is confident in Goodyear’s strategy and believes the company is well positioned to achieve its goals, having been pleased with Goodyear’s 2010 performance, which exceeded the company’s targets. The company’s financial results reflected significant improvement in all four regional tyre businesses, most notably North American Tire’s return to profitability, he said.
Shareholders of The Goodyear Tire & Rubber Company have re-elected 12 members of the company’s board of directors including chairman, president and CEO Richard J Kramer (full list below). The company also officially appointed PricewaterhouseCoopers as the company’s independent registered public accounting firm for 2011, having had the action ratified by shareholders.
Following several years in the red Kumho Tires has turned its fortunes around and reported a net profit for the 2010 financial year. The South Korean tyre maker recorded a net income of KRW 8,901 million (£5.01 million) during the year, a marked contrast from the loss of KRW 776,168 million a year earlier. Sales for 2010 amounted to KRW 2,701,990 million (£1.52 billion), a 42.6 per cent year-on-year increase. Operating income during the year was KRW 244,947 million (£137.9 million), as opposed to an operating loss of KRW 213,580 million in 2009.
ATS Euromaster is aiming to help fleet managers gain greater control over tyre management with new software developed in-house, combined with its proven electronic tyre inspection tool, to analyse the condition of tyres in such detail that managers can use the resulting report to reduce operating costs and improve tyre life, safety and uptime. The company calls its new analysis tool FleetMax, and it is offering an initial fleet-wide analysis free, and without obligation, to prospective new customers with more than 50 vehicles.
India based investment information and credit rating agency ICRA Limited has issued a report warning that the profitability of tyre makers there will decline over the coming 12 to 15 months despite a “robust” demand for tyres. The agency notes the Indian tyre industry staged a strong recovery in the 2009-10 financial year with a turnover of around Rs 250,000 million (£3.4 billion); this performance was supported by a sharp upturn in demand and relatively stable rubber prices. “However, benefits accruing from a low-cost structure were short-lived, as natural rubber prices surged since December 2009, thereby making a severe impact on margins, despite industry-wide price revisions by tyre manufacturers.”
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