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Nexen Q2 results fall short of expectations

Nexen Tire’s second quarter results failed to live up to average analyst expectations. Although unit sales rose 17 per cent year-on-year, a ten per cent drop in average selling price compared with the second quarter of 2012 meant net sales revenue only increased 3.7 per cent to KRW 451.1 billion (£262.0 million) – 12.1 per cent lower than the consensus estimate of KRW 463.21 billion. Gross profit rose 4.6 per cent to KRW 125.1 billion (£72.7 million) and gross profit margin increased 0.2 per cent to 27.7 per cent.

8th August 2013/12,345 Comments/by Tyrepress Editors

Cheng Shin Rubber sales, profits set to rise – Morgan Stanley

According to a recently published consolidated financial summary for Cheng Shin Rubber, the Taiwanese tyre maker’s net sales and profits are expected to steadily climb over the next couple of years.

15th May 2013/12,345 Comments/by Tyrepress Editors

Nexen Q1 results

In the first quarter of 2013, Nexen Tire Corporation achieved net sales of KRW 432.9 (£252.5 million), the Korean tyre maker reports. Almost 85 per cent of sales were generated in the aftermarket, with North America by far the company’s largest single geographic region; North American sales declined 13.0 per cent year-on-year to KRW 106.6 billion (£62.2 million). Sales in Europe, Nexen’s second largest market, grew 19.2 per cent year-on-year to KRW 87.2 billion (£50.9 million), and domestic market sales increased 14.4 per cent over the first quarter of 2012 to KRW 56.4 million (£32.9 million). Sales in China, at KRW 8.8 billion (£5.1 million), were 11.0 per cent down on a year earlier and other region sales increased 10.4 per cent year-on-year to KRW 112.1 billion (£65.4 million). Original equipment sales accounted for 15.6 per cent of Nexen’s total and grew 21.5 per cent year-on-year to KRW 68.6 billion (£40.0 million).

3rd May 2013/12,345 Comments/by Tyrepress Editors

Nokian seeks to increase company value with incentive programme

Approximately 40 Nokian Tyres plc staff members – people identified as “key” employees – will benefit from an incentive programme approved by the company’s Board of Directors. According to Nokian, the aim of the programme is to combine shareholder and key employee objectives in order to “increase the value of the company, to commit the key employees to the company, and to offer them a competitive reward plan based on earning the company’s shares.”

3rd May 2013/12,345 Comments/by Tyrepress Editors

Rising UHP sales drives Hankook operating profit higher

Although its first quarter sales are down 1.7 per cent year-on-year and 1.3 per cent lower than in the final quarter of 2012, Hankook Tire describes its consolidated sales for January to March 2013 as “well-sustained”, and the company’s bottom line faired well. The company earned global revenues of KRW 1.68 trillion (£975 million) in the first quarter, while operating profit amounted to KRW 254.4 billion (£147.8 million), a 10.4 per cent year-on-year improvement and 14.4 per cent higher than in Q4 2012. The operating profit to sales ratio reached 15.2 per cent.

29th April 2013/12,345 Comments/by Tyrepress Editors

Kwik-Fit posts operating £17.2M operating loss

Using the latest accounts available from Companies House, the Herald Scotland reports that Kwik-Fit (GB) recorded a £17.2 million operating loss in the 15-month accounting period to 31 March 2012. The newspaper notes that this loss “reflects significant stock write-offs, delapidation charges and exceptional costs,” while Kwik-Fit directors claim business was only down 2.9 per cent on a like-for-like basis when considering the extended accounting period. Turnover during the 15 months was £639.5 million.

3rd January 2013/by Tyrepress Editors

Home for Christmas – Titan axes 60 jobs at Freeport plant

In his guidance for next year, Titan International’s Maurice Taylor bragged that 2012 delivered “record revenue, net income, gross margins, operation margins – just everything.” He also boasted about his golf handicap. Perhaps news of the company’s vitality and Taylor’s prowess on the green will provide some comfort to the 60 or so workers reported to have been laid off at Titan Tire’s Freeport, Illinois factory in the US. According to local newspaper the Journal Standard, the Titan International subsidiary confirmed on 17 December that employee lay-offs had occurred; while the Journal Standard says Titan officials were “unavailable for comment”, it writes that David Young, executive director of the Northwest Illinois Development Alliance, attributes the job cuts to a seasonal reduction in demand.

18th December 2012/by Tyrepress Editors

Nexen Tire sales, profit increases in Q2

During the second quarter of 2012 Nexen Tire achieved net sales of KRW 433.3 billion (£242.8 million), the Korean tyre maker reports. This result represents year-on-year growth of 29.8 per cent. Gross profit, at KRW 118.6 billion (£66.4 million), was up 49.2 per cent year-on-year and a margin of 27.4 per cent was reached. Operating profit amounted to KRW 51.8 billion (£29.0 million), up 90.1 per cent year-on-year, and a margin of 12.0 per cent was achieved. Ordinary profit came to KRW 42.7 billion (£23.9 million), 51.8 per cent higher than in the corresponding quarter of 2011. EBITDA, at KRW 72.3 billion (£40.5), was up 62.2 per cent year-on-year and had a margin of 16.7 per cent.

21st August 2012/by Tyrepress Editors

Terms agreed for Titan Europe share offer

News of Titan International’s moves to acquire Titan Europe PLC has been public for about a month now, but to fulfil Rule 2.7 of the Takeover Code, the company announced on 10 August its formal acquisition offer. In a statement, Titan International reports that agreement has been reached between the board of Titan International and the independent directors of Titan Europe on the terms of a recommended share offer for Titan Europe’s entire issued and to be issued share capital.

13th August 2012/by Tyrepress Editors

MRF more than quadruples quarter profit

MRF Ltd says its net profit increased 352 per cent year-on-year in the quarter ending 30 June 2012. The Indian tyre maker says it posted a net profit of Rs.1,445.6 million (£16.6 million) in the three-month period, up from Rs. 319.5 million in the corresponding quarter a year earlier. Net sales rose 16.6 per cent to Rs 30,118.9 million (£346.3 million) during the same period. Operating profit margin increased from 5.9 per cent to 10.7 per cent year-on-year.

3rd August 2012/by Tyrepress Editors

Q2 sales, operating profit a record for Titan International

Alongside news of its all-share offer for Titan Europe, Titan International reported record second quarter sales and operating profit. Sales during the three months to 30 June were, at US$459.2 million, 14 per cent higher than in the corresponding quarter of 2011. Gross profit increased 28 per cent to $82.1 million, or 17.9 per cent of net sales. Second quarter income from operations was $81.0 million, up 82 per cent compared with last year’s second quarter result of $44.4 million. Adjusted net income for the second quarter was $28.8 million, compared to $23.7 million in the second quarter of last year.

27th July 2012/by Tyrepress Editors

Leading tyre manufacturers 2012

Tyres & Accessories' 2012 rankings of the leading tyre manufactures in the world according to tyre turnover, pre-tax profits and operating profit has now been published online. First published in our June 2012 print edition, subscribers can view the details of this year's table by clicking more.

1st June 2012/by Tyrepress Editors

MRF net profit soars

India’s MRF Limited has reported a significant increase in year-on-year net profit for the quarter ending 30 September 2011. The company reported a net profit of Rs 3,954.5 million (£48.4 million), an increase of 413 per cent on the same quarter of last year. This growth occurred even though income rose only 24.3 per cent to Rs 26,197.9 million (£326.6 million) and can in part be attributed to a change in the company’s policy of accounting for depreciation.

1st December 2011/by Tyrepress Editors

Bridgestone Q3 punctuated by growth

Results for the third quarter of 2011 show across the board year-on-year improvements at Bridgestone. During the June to September period, the Japanese company achieved sales of 775.3 billion yen (£6.2 billion), a 9.9 per cent improvement over the same three months of 2010. Operating income reached 49.7 billion yen (£396.9 million) in the quarter, reflecting year-on-year growth of 42.4 per cent, while operating profit margin rose from 4.9 per cent to 6.4 per cent. Net income, at 27.8 billion yen (£222.0 million), was up 25.2 per cent compared with the third quarter of 2010.

8th November 2011/by Tyrepress Editors

Slight H1 profit increase at Gajah Tunngal

While Indonesia’s PT Gajah Tunggal Tbk is reported to have increased its sales 20.8 per cent year-on-year to Rp 5.8 trillion (£414.0 million) in the first half of 2011, selling costs increased 32 per cent to Rp 5.05 trillion (£289.1 million), leading to a 22.7 per cent drop in gross profit to Rp 768.79 billion (£54.9 million). Operating profit in the first half also declined, by 34 per cent year-on-year to Rp 441.4 billion (£31.5 million). The manufacturer of the GT Radial brand reported net profits of Rp 421.9 billion (£30.1 million) for the six-month period, up 1.4 per cent year-on-year.

1st August 2011/by Tyrepress Editors