Toyo Tire Corporation reported net sales of 273,501 million yen in consolidated business results for the second quarter of 2024 ended 30 June. That figure is up 3 per cent to 8,044 million yen compared with the same period in 2023.
On the back of an expanding original equipment portfolio and higher ultra-high performance tyre sales Hankook Tire has reported increased operating profits and sales in its third quarter, reversing a year-long downward trend. The manufacturer has global sales revenues of 1,250 million euros (KRW 1.72 trillion), with operating profit of 208 million euros (KRW 276 billion).
During the first quarter of fiscal 2014, Bridgestone achieved net sales of 863.6 billion yen (£5.0 billion), an 8.7 per cent year-on-year increase on the 1 January to 31 March 2013 quarter. Operating income was 116.3 billion yen (£677.1 million), up 56.3 per cent year-on-year, while operating margin rose from 9.4 per cent a year ago to 13.5 per cent in the first quarter of 2014. Net income increased 66.9 per cent year-on-year to 71.9 billion yen (£418.6 million).
Due to a weaker economic forecast for Russia and the CIS, Nokian Tyres has downgraded its guidance for 2014 and now says net sales and operating profit will decline this year compared with 2013. This latest forecast replaces that published on 7 February, in which Nokian Tyres said it was positioned to show growth in net sales and operating profit this year.
In the previous financial year, Nexen Tire only managed to slightly increase its global turnover. The third-largest Korean tyre maker reported a 2013 turnover of KRW 1.73 trillion (£973.38 million), just 1.3 per cent higher than in 2012. Income also came under pressure. While operating profit amounted to KRW 177 billion (£99.38 million) and lay 1.9 per cent below the previous year’s result, net profit decreased 7.8 per cent to KRW 124 billion (£69.63 million).
Turnover at Toyo Tire & rubber rose 27 per cent during the 2013 financial year to ¥370 billion (£2.2 billion), the company reports, while operating profit almost trebled to ¥38.3 billion (£224.6 million); operating margin was 10.3 per cent. Despite these favourable figures, Toyo’s bottom line was significantly below its result a year earlier; net profit fell 12.3 per cent to ¥11.6 billion (£68.0 million).
For the third quarter of its financial year – October to December 2013 – Apollo Tyres reports an 8.0 per cent year-on-year rise in consolidated revenue to Rs 34.75 billion (£336.1 million). Operating profit increased 51.2 per cent to Rs 6.19 billion (£66.7 million), a result that includes exceptional items of Rs 1.12 billion (£10.8 million) from non-operational income, and a 17.8 per cent operating margin. Net profit, including the aforementioned non-operational income, rose 86.7 per cent to Rs 3.38 billion (£32.7 million).
Michelin has reported full year 2013 net sales of 20.247 billion euros, down 5.7 per cent (or 1.2 billion euros) on last year. Meanwhile operating income was fell roughly 10 per cent to 2.234 billion euros and net income plummeted some 23 per cent to 1.127 billion euros. According to Dow Jones analysts’ consensus was that this figure would fall less – by 22.0 per cent, and operating profit to retreat by 5.8 per cent.
Hankook Tire says sales of its UHP tyres were a “key growth driver” in boosting operating profit last year. Accumulated UHP segment sales accounted for 26.5 per cent of Hankook Tire’s entire global sales; UHP tyre sales rose 3.4 per cent year-on-year, growth led by the Chinese and European markets, where accumulated UHP tyre sales rose 13.6 per cent and 12.9 per cent year-on-year respectively.
In a regulatory filing submitted to the Korea Stock Exchange, Hankook Tire reports sales of KRW 1,708.5 billion (£953.8 million) for the fourth quarter of 2013, a year-on-year increase of 0.5 per cent. Operating income, at KRW 254.8 billion (£142.2 million), was up 14.6 per cent compared to the fourth quarter of 2012. Net profit from continuing operations (before corporate income tax) was reported as KRW 237.0 billion (£132.3 million), a 15.1 per cent year-on-year increase. Net income was not reported.
Deutsche Bank Equity Research Automotive has adjusted its 2013 and 2014 earnings outlook for Bridgestone Corporation. In a company update published on 18 November, analyst Kurt Sanger wrote that overall, Bridgestone’s strong third quarter performance highlighted the company’s “operational excellence through cost controls.”
During the second quarter of its financial year, the period from 1 June to 30 September, Apollo Tyres reported net sales of Rs 34.3 billion (£338.2 million), a slight increase on the same quarter a year earlier. Operating profit rose 16 per cent in the quarter to Rs 4.4 billion (£43.3 million), while net profit soared 44 per cent to Rs 2.2 billion (£21.7 million).
During the third quarter of 2013, net sales at Nexen Tire Corporation declined 2.9 per cent to KRW 438.5 billion (£253.9 million), the company reports. Gross profit rose 3.6 per cent compared with a year earlier to KRW 124.7 billion (£72.2 million) while operating profit was 12.1 per cent down at KRW 46.3 billion (£26.8 million). EBITDA was 3.1 per cent lower at KRW 71.9 billion (£41.6 million), with the margin stable at 16.4 per cent.
In July, Carlisle Companies announced it was seeking “strategic alternatives” for its Carlisle Transportation Products (CTP) business after it recorded a non-cash pre-tax loss of $100 million due to goodwill impairment during the second quarter of 2013. This strategic alternative turned out to be a divestment; this week the company said the tyre and wheel business has been purchased by American Industrial Partners for an enterprise value of US$375 million. The deal is expected to close in the first quarter of 2014.
At the Autumn Conference organised by Luxembourg-based broker Kepler Cheuvreux and held in Paris on 18 September, Michelin chief executive officer Jean-Dominique Senard confirmed the tyre maker’s 2015 operating profit target of €2.9 billion, some 20 per cent higher then 2013 estimates. He also said that capital expenditure is expected to peak between €1.8 billion and €2.2 billion in 2014 and 2015 before declining to between €1.6 billion and €1.9 billion in 2016 and €1.5 billion and €1.8 billion in 2017.
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