(Akron/Tire Review) Bandag Inc. has reported consolidated net earnings of $6.0 million, or $0.30 per diluted share, for the first quarter of 2005. Consolidated net sales were $186.6 million, an increase of 8 per cent, compared to consolidated net sales of $173.5 million in first quarter 2004. For the first quarter of 2004, Bandag reported consolidated net earnings of $4.0 million, or $0.20 per diluted share.
Indonesia’s Gajah Tunggal has reported a 4.11 per cent decline in net profit to Rp478.15 billion (£31.2 million) in 2004 compared with the previous year, according to Yahoo Finance Australia.
Its financial report declared net sales that rose to Rp6,807,58 billion from Rp5,729.51 billion.
Its gross profit rose from Rp871.82 billion to Rp1,124.39 billion but it suffered a loss on the foreign exchange amounting to Rp436.75 billion as against gain of Rp390.65 billion in the previous year, said the report.
The company’s total assets shrank from Rp12,173.26 billion to Rp6,341.12 billion as a result of a sharp fall in current assets from Rp9,096.77 billion to Rp4,491.78 billion.
In 2004, Sumitomo Rubber Industries reported an operating income of 45,526 million yen (£227 million) compared with 37,765 million yen in 2003, up roughly 20 per cent. The company’s net sales rose 4.5 per cent to 470, 562 million yen (£2.34 billion) in 2004 from the 450,490 million yen the company raised the previous year. The company’s tyre segment contributed to 76 per cent of the company’s total turnover. This section reported that it had an operating income of 32,899 million yen (£164 million), an improvement on the previous year’s figure of 31,207 million.
Accuride Corporation has reported net sales of $138.5 million of for the fourth quarter of 2004, ended 31 December 2004. This equates to a 46.7 per cent increase compared to the $94.4 million that it raised in the fourth quarter of 2003. According to the company the increase is primarily the result of the “continuing cyclical recovery of the commercial vehicle industry. Accuride had net income of $5.2 million for the fourth quarter of 2004, compared to $0.6 million at the same time in 2003.
At the same time the company recouped some of its 2003 losses, posting an annual net income of $21.8 million, compared to the company’s $8.7 million net loss of 2003. Full year net sales were $494 million compared with $364.3 million in 2003, an increase of 35.6 per cent.
Titan International Inc reported net sales of $105.9 million for the fourth quarter of 2004, up 30 per cent, from the $81.5 million the company achieved at the same point in 2003. Pro forma net sales for the 2004 year were $461.1 million, an increase of 32 per cent over 2003 pro forma net sales of $347.9 million, Tire Reivew reports, quoting the company.
Gross profit was $13.1 million for the fourth quarter, and for the year, gross profit more than doubled to $79.5 million in 2004. Gross profit in 2003 was $29.7 million. Net income for the year improved $47.8 million, to a profit of $11.1 million, versus a loss of $36.7 million in the prior year. “Titan has experienced another remarkable quarter, and we are proud to report a profitable 2004,” said Maurice Taylor Jnr, Titan’s president and CEO. “The operating results for the year show Titan’s employees worked hard to return the company to profitability when presented with increased demand in the agricultural and construction markets. Although it’s been a bumpy ride, we will not forget to maintain focus on reducing costs and further enhancing efficiencies. Many of our customers are predicting another strong year in 2005.”
Bridgestone Corporation has announced that it achieved a 29 per cent increase in net income during 2004. Total net income rose to $1.1 billion on sales of $23.2 billion, a 5 per cent increase over the prior year. The company reports that operating income rose 8 per cent to $1.9 billion.
In the Americas, Bridgestone Americas Holding (BSAH) has reported that 2004 net sales and net income (profit) were $9.15 billion and $183 million, respectively. The results achieved in 2004 represent a 12 per cent increase in total sales revenue over 2003. According to the company, the 2004 growth is attributable to several factors, including passenger and light truck tyre unit sales, increases in the replacement market, a strong performance in unit sales of truck and bus tyres, and very strong growth in sales in the company’s diversified products and Latin American businesses.
Publishing its first half 2005 results, Toyo has reported that its operating income has rocketed 120.8 per cent, compared with the same period last year. In the period ended 30 September, the company’s operating income demonstrated the most marked increase growing from 1.893 billion to 4.18 billion yen (£21.4 million). Toyo achieved a 6.7 per cent increase in net sales rising from 120 billion to 128 billion yen (£657 million).
One explanation for the rapid ascent of the figures is the company’s increase of UHP and SUV sales. Sales of these high margin products have gone up 25.9 per cent, with tyre sales in general improving by 8.7 per cent. In Europe the company says that this has been largely down to favourable sales and marketing of new products including its Proxes T1R.
Titan International has reported net sales of $116.5 million for the third quarter ended 30 September. Sales were up 47 per cent from $79.2 million recorded in the third quarter of 2003.
Banday has announced an increase in third quarter revenues of 12 per cent. The company says that higher international sales, favourable exchange rates and revenue generated from the acquisition of Speedco were behind the increase.
Titan International has reported positive first half results, with net sales of $288.2 million, (£158 million) from $260.0 million compared with 2003. Second quarter net sales increased by 29 per cent, reaching $121.2 million, (£66 million) from the previous year’s figure of $94.0 million. The net sales, for the period ending 30 June, were adjusted to reflect the sale of Titan Europe, which brought sales of $131.0 million.
A net income of $5.6 million (£3 million) was recorded for the second quarter, resulting in a $10.9 million (£6 million) year-to-date sum for 2004. The figure compared favourably to the previous year’s net losses of $(8.2) million for the second quarter and $(14.1) million for the first six months. Diluted earnings per share were $.32 for the second quarter, compared to a loss per share of $(.39) for the corresponding quarter of 2003, resulting in a $.71 increase quarter-over-quarter. Year-to-date earnings per share leveled at $.57 measured against a $(.67) loss per share in the first half of 2003.
In the 1st half of 2004, Michelin further improved its market position. Its continuous efforts to improve efficiency and successful price increases enabled the group to offset continually rising raw material costs and double income net to 328.9 million euros.
Bandag has announced that its second quarter earnings rose 37 per cent, largely due to the profits of its recently acquired lubrication service. The company announced earnings of $11.9 million (£6.4 million), compared with $8.7 million this time last year. Sales were also up, rising to $211 million, a $7 million increase on last year’s figures.
The TBC Corporation has turned in a strong financial performance for the first quarter of the year. Net sales were up by 69 per cent to $433.8 million (1Q 2003: $256.5 m) while net income rose by more than nine per cent to $6 million ($5.5 m). In volume terms, tyre sales rose by 32 per cent. Both wholesale and retail divisions performed well and TBC expects annual earnings to be better than originally forecast.
American re-treading company, Bandag, has posted an increase in net profit to $4 million for the first quarter of 2004 despite a fall in sales compared with the same period last year. Net sales for January to March 2004 totalled $173.5 million compared with $175.3 million (net profit $2.4 million) for the first three months of 2003. Bandag´s European division witnessed an increase in net sales of $2.2 million to $21.2 million (due mainly to favourable exchange rates) while sales volumes in Europe fell by two per cent.
Michelin’s full-year 2003 net sales reached 15.4 billion Euro with sales volumes up 3.7 per cent. At constant scope and exchange rates, 2003 net sales are up 5 per cent. However, given the continued appreciation of the Euro, especially versus the US dollar, and further to the consolidation of Viborg in Group accounts in the 4Th quarter , net sales are down 1.8 per cent. Operating conditions (tire markets, exchange rates, raw materials …) were globally in line with Group expectations as indicated upon publication of 3 rd quarter net sales on October, 22. The main factors impacting financial year 2003 net sales were a 3.3 per cent increase in sales volume. A positive price / mix effect of +1.6 per cent at constant exchange rates. Impacted by a minus 8.3 per cent effect of the dollar/euro exchange rate.
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