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Cooper Share Price Falls

Cooper shares fell six per cent after the company withdrew its third-quarter earnings forecast, thestreet.com reported. The announcement was said to be in response to a number of factors including: “softer industry demand in the North American replacement tyre market; changes in raw-material costs; higher shipping and transportations costs; and higher energy costs,” the company said. In August, Cooper predicted it would post third-quarter earnings of between 10 and 14 cents a share, including a charge of 8 cents a share related to a strike at one of its Arkansas tyre plants and a loss of 4 cents a share related to an “unusual tax rate.” Analysts had been expecting earnings of 9 cents a share. As a result of the announcement, share value dropped 81 cents to $13.74

19th October 2005/by Tyrepress Editors

Bridgestone Reports OP Increase

Bridgestone will report a 7.9 per cent rise in 2004 operating profit, Reuters has reported. This equates to operating profits of 197.7 billion yen (roughly £991 million), exceeding the company’s projection of 185 billion yen for the year ended 31 December. At the same time the company will forecast a 14 per cent drop in this year’s OP, due to pressures from higher raw material prices, the report continues. This means the company expects to achieve an operating profit of 170 billion yen in 2005.

18th February 2005/by Tyrepress Editors

Conti’s European Tyre Price Increase

Continental increased its European tyre prices by three per cent in August, completing its round of 10 per cent price increases in the European replacement tyre markets within that month.

Morgan Stanley views this as “a sign of confidence in the outlook for the European part of Continental’s tyre business.” Based on its current 2005 European tyre revenue forecast, it estimates that a three per cent increase (assuming no giveback to consumers), would equate to €80-85 million additional profits.

More importantly the company also anticipates that this will allow Conti to “stay ahead of increased raw material costs” which it expects to register a global increase in the tyre division of the same magnitude

20th September 2004/by Tyrepress Editors

Bridgestone Revises First Half Forecast

Bridgestone Corporation has revised its first half profits forecast upwards by two fifths. The company predicted a first half net income of 45 billion Yen (US$ 396 million) in a statement to the Tokyo Stock Exchange, in which the corporation also reported a first quarter profit of 28 billion Yen. The main reasons for the revision are rising overseas sales and a weaker Yen, which increases the domestic value of foreign currency earnings. Bridgestone shares rose four per cent on the news.

11th May 2004/by Tyrepress Editors

Ford 1Q Figures Surprise

Ford continues to show signs that its recovery programme is on track. Its first quarter results showed an earnings per share of $0.96, as against Ford’s forecast of $0.45. The pre-tax margin was 4.7 per cent, up from 1.9 per cent last year and -1.2 per cent the year before. The figures show that Ford has improved from one of the worst performing car companies to one of the best in less than two years.

23rd April 2004/by Tyrepress Editors

Cooper’s 1Q Results “Will Be Higher Than Expected”

Cooper Tire & Rubber has said that its earnings per share for the first quarter of 2004 will be around 30-34 cents per share; significantly higher than the forecast of 24-28 cents per share. The reasons are higher sales, a strong performance of Cooper-Standard Automotive and a smaller than expected impact of raw material prices. Cooper’s full 1Q results will be released on April 22nd.

16th April 2004/by Tyrepress Editors

Bridgestone 2003 Profit Up

Bridgestone Corp. has declared its 2003 full-year profit rose 95.5 per cent but forecast a decline in 2004 as the strong yen, higher rubber costs and a fire-induced output cut threaten its bottom line. Group net profit for the year ended December 31 was 88.72 billion yen (829.1 million US dollars), compared with 45.38 billion yen the year before. Recurring profit increased 13.1 percent to 167.30 billion yen. The results were better than Bridgestone’s forecasts, which were revised down in September to account for the fallout from the fire at one of its major domestic plants. For this year, Bridgestone has forecast a recurring profit of 130 billion yen and net profit of 75 billion yen.

20th February 2004/by Tyrepress Editors

TBC Corporation predicts 2004 growth

In the USA, the TBC Corporation has issued a bullish financial outlook for 2004, boosted by the contribution of 225 National Tire & Battery retail stores, acquired last month from Sears, Roebuck & Co. TBC expects earnings of around $1.80 to $1.90 per share; a 25 per cent increase over last year’s figure. NTB’s contribution will be around 15 cents per share. Net sales are forecast to be in the region of $1.7 to $1.8 billion. TBC has plans to add 20 company-operated tyre retailers and 25 franchised Big O stores next year, giving the company a total of 1,215 retail locations.

18th December 2003/by Tyrepress Editors

BBS better than the industry average

With the forecast of a turnover of 190 million Euro in 2003, wheel producer BBS (Germany) will significantly improve on its 2002 results (175 m). For the first nine months of this business year the company has announced an increase in turnover of 9.1 per cent and so was better than the industry average. The gain comes from OE business with an increase of 14 per cent, whereas aftermarket and income from motorsports and licensing was below the 2002 figure. The share of foreign business has fallen to 49.2 per cent. BBS expects to make a small profit in 2003.

3rd December 2003/by Tyrepress Editors

Goodyear asks for more time (update)

The deadline for Goodyear to release its financial results for the third quarter has been extended from last Friday to this Wednesday, after the tyre maker asked the Securities and Exchange Commission for more time to finalise the figures. Goodyear also asked for more time to complete the restatement of its accounts for the past five years. The company has indicated that its third quarter loss will be in the order of $106 million, or 60 cents per share, which is higher than some analysts forecast. The loss will be Goodyear’s eighth quarterly loss in the past 12 quarters and the company says that its loss for the first nine months of this year will be between $310 million-$335 million. A Goodyear spokesman would not comment on whether the 3Q figures would include any special charges covering factory closures or other restructuring costs.

18th November 2003/by Tyrepress Editors

Iraqi Car Market Booms

Global Insight, Inc has announced its forecast findings on the newly-emerging Iraq light vehicle market. According to the Global Insight study, basic light vehicle demand during 2005-2007 should stabilise at estimated 200,000 units, after an immediate post-war surge to 250,000-300,000 units. Since the end of the Iraqi war, used car exports to Iraq have risen very sharply, trending towards the lowest priced cars available from the neighbouring regions of the UAE, Kuwait and Jordan. Between May and September of this year, it is estimated that 100,000 used cars have been shipped to Iraq, with Kuwait alone reportedly shipping 18,000 used cars to Iraq during this same period. Oil wealth, a free trade environment, external spending and financial support all augur for an Iraq potentially wealthier than some of its neighbours. Global Insight’s macro economic forecast shows GDP rising from 1,000 US dollars per capita in 2003 to close to 3,000 US dollars by 2009. The new car market will be seen to grow as the Iraqi economy makes these gains.

13th November 2003/by Tyrepress Editors

Honda net profit up 58 per cent

Honda’s net profit for the third quarter was up 58 per cent to 137.36 billion Yen (1.08 bn Euro). The main reasons were strong sales of the Accord in China and the USA, plus good US sales of the Pilot and Element SUVs. Operating profit was down slightly at 151.69 billion Yen (1.2 bn Euro), compared with 153.05 billion Yen for the same period last year. Despite the good figures, Honda says that full year revenue will probably be lower than forecast, due to unfavourable currency movements and continued low sales in Japan.

30th October 2003/by Tyrepress Editors

Bridgestone revises earnings forecast

Tyre manufacturer Bridgestone Corp. released a revised earnings outlook Wednesday containing the impact of the fire at its Tochigi factory, having lowered net and pre-tax profit forecasts for the year ending Dec 31. Bridgestone now expects a group net profit of 78 billion yen against the 80 billion yen the company projected in August when it issued an earnings report for the January-June half.

25th September 2003/by Tyrepress Editors

Sports Goods Sales Lift SRI 1H Profits

Sumitomo Rubber Industries has reported a 50 per cent rise in net profit for the first half of the year, up to 4.79 billion Yen (US$ 40.77 million), compared with 3.2 billion Yen $27.25 m) in 1H 2002. Tyre sales were described as “sluggish” and the figures were boosted by strong sales of sporting goods (notably golf clubs and balls), where operating profits were up 56 per cent, and by cost-cutting measures. SRI maintained its forecast of a record 11 billion Yen ($93.6 m) for the full year.

28th August 2003/by Tyrepress Editors

Bridgestone Raises Forecasts

Bridgestone Corporation says that sales and earnings for the first six months will be substantially higher than previously forecast. Net income will be around 29 billion Yen (US$ 241.4 m) or 32 per cent higher than announced in February. Net income for the year as a whole is expected to be 77 billion Yen (US$ 641 m), 10 per cent higher than the earlier forecast. Reasons given for the increase are stronger than expected sales growth, better than forecast performances in Europe and the USA and the strengthening of the Euro.

30th June 2003/by Tyrepress Editors