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Earthmover Tyre Shortage

Deutsche Bank analysts have confirmed what industry insiders were already thinking, there is a shortage of earthmover tyres. However, this provides numerous opportunities for the right parties. Operating profit margins are high, reaching double digit levels. Despite this the sector is relatively small with annual sales worth $5.5 billion, or 7 per cent of the $80 billion world market. According to the analysts, the earthmover sector is dominated by the “big three.” Bridgestone is said to hold a 60 per cent market share, followed by Michelin with 30 per cent and Goodyear with 10 per cent.

29th April 2005/by Tyrepress Editors

Analysts Predict Flat First Half OP for Michelin

Analysts have predicted that Michelin’s first half operating profit could match last year. They added that a three or four per cent fall in volume should be offset by the effects of a strong price/mix effect of plus four or five per cent. The Deutsche Bank report states that the analysts expect first half operating profits to be 50 million euros higher than the consensus of 700 million or 9.3 per cent of margin. This translates into an earnings per share estimate of 5.5 euros for 2005 earnings and 6.5 euros for 2006 earnings, against a consensus of five and six euros respectively.

19th April 2005/by Tyrepress Editors

Alliance Records Profit Following Four Years of Losses

(Akron/Tire Review) After four successive years of losses, Alliance Tire Co. reported a net profit of $0.9 million for 2004 in its newly released financial results. The company ended 2003 with a net loss of $13.1 million. But, in 2004, gross profits increased to $31.1 million, compared to $20.4 million in the previous year.

7th April 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

Hankook: Sales Up 15.3 per cent

Hankook has released monthly financial results for November, which show that the company has experienced a 15.3 per cent increase in operating profit and an 8.4 per cent increase in sales volumes. In this period tyre sales, by volume, increased from 2.761 million to 2.992 million. The fact that revenues increased more than sales volumes suggests that the company sold more of its higher profit products, indicating an improved product mix.

17th December 2004/by Tyrepress Editors

Conti to Raise 2004 Share Dividend?

According to German media publications, Continental AG is considering paying a higher dividend at the end of the current financial year. Chairman Manfred Wennemer told a European business magazine that because of growing earnings an increase would be possible. At the end of September Wennemer said that this year’s earnings per share (EPS) will be at least on the 2003 level of 0.52 euros. At the same time he confirmed the rather positive earning predictions for the financial year saying that 2004 will be ended with an operating profit of 855 million euros on 31 December.

24th November 2004/by Tyrepress Editors

Bridgestone Sets Record Figures

Japanese tyre manufacturer, Bridgestone, has reported record figures for the first nine months of 2004, the company says. Bridgestone’s third quarter results show that the company produced a turnover of $15.8 billion, while making operating profits of $1.25 billion. The company says that this translates to a net profit of $724 million.

During the first nine months of 2004 Bridgestone recorded a turnover of $2.1 billion in Europe, while the company’s operating profits totalled $140 million. According to company, its US turnover reached $6.8 billion while its operating profit amounted to $235 million in this region. In the manufacturer’s home market of Japan, the company achieved roughly the same turnover but almost three times as much in terms of operating profit – $726 million.

5th November 2004/by Tyrepress Editors

Nokian’s New Records

The Finnish tyre manufacturer, Nokian, is reporting new record figures. The company’s turnover increased by 15 per cent to 39.8 million euros in the first nine months of 2004. Operating profit was also on the up and increased by 57 per cent compared with the first nine months of last year to reach 6.2 million euros. Management confirmed that they had significantly outperformed last year’s record results.

1st November 2004/by Tyrepress Editors

Michelin Reiterates Limited Growth Expectations in H2

Michelin is fending off critics by reassuring all interested parties that its earnings and sales will improve this year, despite reiterating the fact that it expects higher raw-material prices to limit its growth in the second half.

“Raw-material prices are and will continue to rise and put pressure on margins,” Michelin’s CEO Edouard, told French newspaper Le Figaro.

30th September 2004/by Tyrepress Editors

Analysts Applaud Michelin Deal

The recent cost cutting agreement signed by Michelin and USWA is a “significant achievement,” according to Deutsche Bank analysts.

6th September 2004/by Tyrepress Editors

Nokian Announces Record Figures Too

Finnish tyre manufacturer, Nokian, has announced that it increased its turnover to 250.8 million euros (£166 million) in the first half of 2004. Compared with the first half of 2003 this represents a 19 per cent improvement.

6th August 2004/by Tyrepress Editors

Good Figures From Alliance

Alliance Tire has reported a 6.6 per cent rise in turnover in 2003 to US$99.7 million. Gross profits were $20.4 million (2002: $3.1 million) while the operating profit was $1.23 million, following three years of losses, including a deficit of $14.9 million last year. Alliance’s net loss in 2003 was $13.1 million, which is half the 2002 figure and largely attributable to currency differentials. President Joseph Anglister said that the company had achieved a major break-through in South America, with sales up 158 per cent.

13th April 2004/by Tyrepress Editors

Hayes Lemmerz International Reports Strong Operating Profit

Hayes Lemmerz International has reported an operating profit of 62.0 million US dollars for the fiscal year ended January 31, 2004, compared with an operating loss of 0.3 million US dollars in the previous period. Earnings from operations excluding the impact of certain gains and expenses related to the emergence from Chapter 11 was 43.9 million US dollars for 2003, compared to 44.2 million US dollars in 2002. Gross profit margin increased to 10.7 per cent from 10.4 per cent. Sales for 2003 were 2.1 billion US dollars, an increase of approximately 3 per cent over 2002 sales.

7th April 2004/by Tyrepress Editors

Nokian still flying high

When Bridgestone bought 19.6 per cent of the Nokian share capital from the then parent company Nokia for 39.17 Euro per share, paying a total of 78 Million Euros, analysts recommended Nokian shares as “Hold”, saying the fair value was approximately 34 Euro and pointing out that Bridgestone paid a premium on top of this. Investors who did not listen but bought Nokian shares anyway are now much better off. They made a fortune due to the fact that Nokian was able to more than double the share price to the current 71 Euro, giving Nokian a market capitalisation of about 780 Million Euros. Nokian made a turnover of 528.7 million Euro last year and managed an operating profit of 79.1 million Euro, which led ultimately to a net profit of 47.6 million Euro. Nokian Tyres is by far the best earning tyre company in the world.

8th March 2004/by Tyrepress Editors

Hankook looks at 14 per cent growth in 2004

Hankook Tire is expecting to see a 19 per cent growth in operating profit, giving a 14 per cent increase in net profit in 2004. Last year the company‘s conservative estimates were exceeded by 70 and 44 per cent respectively.

9th February 2004/by Tyrepress Editors