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Continental: Components supply issues hit Q3 2021 sales & earnings

Anniversary year ups and downs: As it marks one and a half centuries in the business, Continental reports that it has “set the strategic course for the next successful chapter in its history by making its previously announced structural adjustments” during Q3 2021. But the delivery situation for electronic components also worsened during the quarter, and Continental says this “had a significant impact on sales and earnings” that could only be partially offset by sales volumes within its aftermarket tyre and industrial product businesses.

10th November 2021/by Stephen

Results exceeded expectation: Titan International’s Q3 2021

Titan International reports achieving in Q3 2021 its strongest third-quarter results since 2013. Net sales for the three months to 30 September were up 47.8 per cent year-on-year, to US$450.4 million, and the gross margin rose more than three percentage points, to 13.4 per cent on the back of gross profit amounting to $60.3 million.

8th November 2021/by Stephen

Nokian Tyres: Healthy YTD sales

Nokian Tyres has regained its operational strength. The Finnish manufacturer shares that its sales rose by more than a third in the first nine months of this year, while operating profit more than quadrupled over the same period, nudging the margin up to 17.9 per cent.

3rd November 2021/by Stephen

Hankook Tire: Global issues affect Q3 2021 sales, profit

Consolidated sales and operating profit may have been down year-on-year during the three months to 30 September 2021, but Hankook Tire was nonetheless pleased to experience “qualitative growth” during the quarter.

2nd November 2021/by Stephen

Trelleborg Wheel Systems: Lower Q3 2021 EBIT despite strong organic sales

Sweden’s Trelleborg AB shares that its Trelleborg Wheel Systems business achieved “strong” organic sales growth during the three months to 30 September 2021, with significant growth in all product categories and in most geographies. Overall net sales were up 14.2 per cent year-on-year, to SEK 2.37 billion (£201.36 million).

1st November 2021/by Stephen

Apollo Tyres: Cost of raw materials, chip shortage impacts on operating performance

For the three months to 30 September 2021, the second quarter of its 2021-22 financial year, Apollo Tyres reports consolidated revenue of Rs 50.77 billion (£493.84 million). This represents an 18 per cent increase over the same period of the previous fiscal year. EBITDA decreased 9.8 per cent year-on-year, to Rs 6.38 billion (£62.06 million) with a margin of 12.6 per cent (16.5 per cent in Q2 2020-21). Net profit amounted to Rs 1.74 billion (£16.93 million).

1st November 2021/by Stephen

Ceat: Higher input costs squeezing margins

Company News, International News

Tyre maker Ceat Limited, the flagship subsidiary of India’s RPG Group, reports that its net revenue increased 23.9 per cent year-on-year in the second quarter of its financial year, the three months to 30 September 2021, to Rs 24.52 billion (£237.51 million). Despite growing revenues, EBITDA shrank from Rs 3.06 billion to 2.25 billion (£21.79 million), and the margin contracted 6.3 percentage points to 9.2 per cent. Net profit stood at Rs 420 million (£4.07 million).

28th October 2021/by Stephen

Michelin: YTD sales up 15.6% to €17.2 billion

Year-on-year comparisons of financial performance tell us arguably more about global events than an individual company’s economic trajectory at the moment. Thus, it came as no surprise a few months back when Michelin reported much healthier first-half results compared with pandemic-riddled 2020. Similarly, eyebrows aren’t raised now when the company notes the impact of rising materials, shipping and energy costs as well as a shortage of semiconductors and labour shortages upon its performance in Q3 2021.

26th October 2021/by Stephen

Continental revises 2021 outlook

In light of a range of factors such as ongoing semiconductor supply issues and supply chain uncertainties, Continental has adjusted its outlook for the 2021 fiscal year. Assuming exchange rates in Q4 2021 don’t materially differ to those on 30 September 2021, Continental expects consolidated sales of approximately €32.5 billion to €33.5 billion (as opposed to the projected figure of €33.5 billion to €34.5 billion announced on 5 August) and an adjusted EBIT margin in the range of approximately 5.2 to 5.6 per cent (previously 6.5 to 7.0%).

25th October 2021/by Stephen

‘Highest ever’ – Yokohama H1 2021 financial results

The Yokohama Rubber Co., Ltd. could phone up the team at Guinness World Records, were it so inclined. Each and every one of the company’s earnings figures for the six months to 30 June 2021 were the highest ever for the first half of a fiscal year.

13th August 2021/by Stephen

Toyo raises full-year 2021 estimates

Company News, International News

Following the publication of stronger than expected second-quarter 2021 financial results that returned the bottom line to profitability despite pandemic- and seismic-rubber-related headwinds, Toyo published a statement ramping up its full-year 2021 estimates. See accompanying table (below) for further details.

10th August 2021/by Chris

Toyo Tire reports 23.8% sales increase in Q2 2021, return to profit

Company News, International News

Tokumeigakarinoaoshima - CC

Toyo Tire Corporation achieved second-quarter 2021 net sales of 186,392 million yen (£1.217 billion; 1.438 billion euros; US$1.687 billion), an increase of 23.8 per cent compared with the same period in 2020. Compared with low levels last year, Toyo’s profitability also increased. Operating income amounted to 26,958 million yen, up 240.0 per cent.

10th August 2021/by Chris

Apollo Tyres continues European turnaround

Apollo Tyres reported substantially improved key results at the start of its new financial year, which runs from 1 April 2021 to 31 March 2022. The Indian tyre maker, owner of the Vredestein brand since 2009, reported a 59.5 per cent increase in sales during the three months to 30 June.

10th August 2021/by Stephen

Tyre business drives Continental’s profits

Continental AG presented figures for a strong first half of the year, and while its overall sales rose by 22 per cent to 20.2 billion euros, those of its Tire division increased 28.1 per cent. Furthermore, this division was the company’s profit-maker, delivering almost 63 per cent of its EBIT despite accounting for just 42 per cent of sales.

10th August 2021/1 Comment/by Stephen

Nokian Tyres: ‘strong volume & profit growth’ in H1 2021

The difference a year can make. Almost 12 months to the day after reporting an operating loss of 13.7 million euros for the first half of 2020, Nokian Tyres has announced achieving an operating profit of 126.1 million in the six months to 30 June 2021 with an earnings per share of 0.72 euros. It achieved this result on the back of net sales that were up 37.7 per cent year-on-year to 758.0 million euros. Nokian Tyres notes that when looking at comparable currencies, net sales increased by 41.5 per cent.

3rd August 2021/by Stephen