Michelin publishes Universal Registration Document
Michelin has released its Universal Registration Document, a tome exceeding 400 pages that contains a wealth of corporate information.
Michelin has released its Universal Registration Document, a tome exceeding 400 pages that contains a wealth of corporate information.
Preliminary results for the first quarter of The Goodyear Tire Rubber Company’s 2020 financial year were published today, with the company confirming its fiscal performance during the three months to 31 March was “greatly affected by the economic disruption associated with the COVID-19 pandemic.” Tyre unit volumes declined 18 per cent year-on-year to approximately 31 million units and sales dropped 16.7 per cent to around US$3.0 billion.
In spite of what it calls a “soft” market for car tyres in Europe last year, Nokian Tyres maintained its level of net sales throughout the period. Operating profit was lower year-on-year, and profit considerably increased. Operating profit is expected to take another tumble in 2020.
Hankook Tire has reported consolidated global sales of KRW 1,833.2 trillion (£1.2 billion) for Q3 2019, a 4.4 per cent increase compared with the third quarter of last year. EBITDA declined 3.2 per cent to KRW 333 billion (£223.0 million), with the margin decreasing 1.4 percentage points to 18.2 per cent. Operating profit amounted to […]
Automotive supplier Hella has ended the fiscal year 2018/2019 (1 June 2018 to 31 May 2019) with an increase in sales and earnings. Currency and portfolio-adjusted sales have risen by 5.0 per cent compared to the previous year. Reported sales decreased to 7.0 billion euros (previous year: 7.1 billion euros) as a result of divestment from the wholesale business and taking the effects of exchange rates into consideration.
Continental is the latest automotive sector company to report lower year-on-year income in the second quarter of the year. The tyre maker and automotive systems supplier describes its fiscal performance during the period as “an overall solid” result despite a “sharply declining market.” It is nevertheless considering ways of keeping its production costs in check, and will report its progress to this end in the weeks to come.
In reporting its financial results for the second quarter and first half of 2019, Hankook Tire notes that the six months to 30 June were punctuated by uncertainty within the global tyre market. Challenges faced by many tyre makers include declining vehicle sales, anti-dumping duties and uncertainty caused by US-China trade tensions. Hankook specifically battled high fixed costs during a low demand cycle, a relatively high dependency on China for both production and sales, and issues with stabilisation at its 2017-opened plant in the USA.
In the preamble to its financial results for the first half of 2019, Pirelli notes that car production around the world was 6.7 per cent lower during the six-month period than in the first half of last year. It adds that lower vehicle production impacted the tyre market, with lower shipments to carmakers driving a 7.3 per cent contraction of the global tyre market in the first half of the year. Many tyre makers diverted production to the less profitable replacement segment, a move that affected their pricing.
There’s little good news to be found in the latest financial results from Goodyear Tire & Rubber. Sales and unit volumes were lower in the first half of this year, respectively dropping 5.7 per cent to US$7.2 billion and 3.3 per cent to 75.4 million units. The tyre maker also reported a net loss of US$7 million for the six months to 30 June 2019, a contrast to the net income of $232 million announced a year earlier; this result includes several significant items, most notably $107 million in rationalisation charges that are primarily related to modernisation plans and layoffs at two tyre plants in Germany.
Continental has readjusted the full-year 2019 outlook for its tyre-making Rubber Group, primarily in response to declining global car and light vehicle production. It has also readjusted the outlook for its Automotive Group business for the same reason.
Sales and income were down at Goodyear Tire & Rubber in the first quarter of this year. Revenue in the three months to 31 March 2019 declined six per cent to US$3.6 billion; Goodyear attributes this result to unfavourable exchange rates and lower volume in its international businesses. The company reported first quarter segment operating income of $190 million in 2019, down from $281 million a year ago.
Sales at Continental remained level in the first quarter of 2018, matching the 11.0 billion euros achieved a year earlier. Adjusted EBIT for the period amounted to 884 million euros, a 17.1 per cent year-on-year decrease. The adjusted EBIT margin was 8.1 percent (9.7 per cent in Q1 2018).
Michelin Group reports a 9.3 per cent increase in sales (at constant exchange rates) to 5.8 billion euros in the first quarter of 2018, a result it says was achieved “in difficult markets.” The company also notes that these sales “reflect the major contribution” of its recent acquisitions, Camso and Fenner.
Sales and profits were higher year-on-year during the second quarter of Apollo Tyres’ 2018-29 financial year. The company reports a 23 per cent rise in sales, to Rs 41.92 billion (£447.8 million) in the three months to 30 September 2019. Operating profit rose 25 per cent during the quarter, to Rs 4.80 billion (£51.5 million), while net profit was, at Rs 1.46 billion (£15.6 million), four per cent higher than a year earlier.
German tyre and automotive systems manufacturer Continental AG has reported Q3 2018 sales of 10.8 billion euros, a result just a whisker higher than the company achieved a year earlier. Adjusted EBIT amounted to 771.8 million euros, 30.1 per cent lower than last year’s result. Adjusted EBIT of 771.8 million equates to an adjusted operating margin of 7.2 per cent; the margin was 10.3 per cent in Q3 2017.
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