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US Tyre Shipments Strong in June

US tyre shipments rose 4.2 per cent year-on-year in June, possibly boosted by pre-buying ahead of June price increases. Deutsche Bank analysts, who also calculated the figures, found that shipments for the full quarter were in line with expectations, rising 1.5 per cent compared with the second quarter of 2004. As a result of the strike early in the second quarter, the analysts expect Cooper Tire to “underperform the industry during the quarter.”

In contrast the report suggests Goodyear and other tyre manufacturers outperformed the market in the same period. “We continue to expect an inflection point for Cooper Tire in the third and fourth quarters, as production and industry pricing levels continue to rise,” said the analysts.

15th July 2005/by Tyrepress Editors

Yokohama Raises OTR Tyre Prices

(Akron/Tire Review) Yokohama Tire Corp has announced “across the board” price increases on its OTR tyres. The increases, effective July 15, will range from 5 per cent to 8 per cent, the manufacturer said. Yokohama cited escalating petroleum-derived material costs, energy and freight costs as well as social cost adjustments as reasons for the increases. Detailed pricing will be provided to dealers prior to the increase, Yokohama said.

23rd June 2005/by Tyrepress Editors

UK and European Registrations Figures Dip

Newly released registration figures show that total European passenger car registrations in May dropped 1.7 per cent to 1,290,933, across the continent, with UK numbers falling 3.4 per cent to 187,900 units. The figure also show that in the UK diesels cars now occupy 36.8 per cent of the market, the highest point so far in 2005. Convertibles have also increased in popularity, with the sector now accounting for a record six per cent of May registrations.

16th June 2005/by Tyrepress Editors

Cooper Names Sawyer Director Customer Marketing

The Cooper Tire & Rubber Co has appointed Steve D Sawyer director of customer marketing. In this role, Sawyer will be responsible for Cooper’s customer service, program pricing and price operations, according to the manufacturer.

25th May 2005/by Tyrepress Editors

Goodyear Shares Overweight

J.P. Morgan Securities has cut its rating on Goodyear Tire & Rubber to neutral from overweight, citing valuation.

The shares rose 23 per cent in the last month against a three per cent rise in the benchmark S&P 500, the broker noted.

“The now-richer valuation, coupled with less favorable just-released April tyre pricing data, suggests stock could enter range-bound period,” said the company.

19th May 2005/by Tyrepress Editors

What is the Future For Independent Businesses?

(Akron/Tire Review) Special Report by Amy Antenora of AMN – With a number of critical issues currently challenging the automotive aftermarket – SKU proliferation, auto dealer expansion and raw material costs, to name a few – there was no lack for topics of discussion at this year’s Global Automotive Aftermarket Symposium (GAAS), held this week in Chicago.

Bob McKenna, president and CEO of the Motor & Equipment Manufacturers Association, moderated a panel discussion posing questions about a number of critical issues such as product demand, brand equity, counterfeiting, vehicle maintenance, Right to Repair and the complexities of aftermarket distribution.

16th May 2005/by Tyrepress Editors

Goodyear Reports Record First Quarter Sales

(Akron/Tire Review) Goodyear Tire & Rubber Co continued posting positive results as its first quarter 2005, earning $68 million in profit against record first quarter sales of $4.8 billion.

The Akron Beacon Journal described the results as a “financial home run,” adding they greatly exceeded estimates from Wall Street analysts. The market watchers had thought Goodyear would earn 1 to 3 cents a share for the quarter ending 31 March. Analysts’ high estimate was 10 cents a share, with the lowest a loss of 2 cents. In fact the profits equated to 35 cents a share.

5th May 2005/by Tyrepress Editors

JP Morgan: Goodyear Shares ‘Overweight’

JP Morgan analysts have changed Goodyear’s share rating from “neutral” to “overweight,” while raising their estimates for the company. The analysts mentioned that the company’s share price has depreciated by 22 per cent year-to-date, creating an attractive investment opportunity. According to the analysts Goodyear is likely to benefit from moderating raw material costs in the short term and a healthy pricing environment globally. JP Morgan raised earnings per share estimates for 2005 and 2006 from $0.65 to $0.80 and $0.75 to $0.90 respectively.

29th April 2005/by Tyrepress Editors

JP Morgan Analysts Up Cooper’s Rating

(Akron/Tire Review) JP Morgan analysts have upped their estimates for Cooper Tire & Rubber Co and upgraded its rating to “neutral.” The analysts said Cooper is benefiting from improved tyre pricing in the US and that its first-quarter results were in line with estimates. However, the company’s share price has depreciated by 20 per cent year to date, the analysts noted. Cooper’s EPS estimates for 2005 and 2006 were increased from $0.33 to $0.37 and from $0.50 to $0.70, respectively.

25th April 2005/by Tyrepress Editors

Yokohama Announces Price Increases

(Akron/Tire Review) Citing “continued escalation of petroleum derived material costs, energy cost increases, freight cost increases and social cost adjustments,” Yokohama Tire Corp. said it would increase prices across the board on its TBS and commercial LT tyres. Prices on these tyres will increase by 5 per cent to 6 per cent, the Yokohama said, and “additional in-line adjustments will be made.” Detailed pricing information will be sent to dealers before 1 June, when the price increases take effect.

20th April 2005/by Tyrepress Editors

US Replacement Shipments up 1 per cent

US replacement tyre shipments rose one per cent in March, Deutsche Bank analysts have reported. According to the report, this number is seen as relatively strong in the context of the seven per cent year on year increase experienced in February. The analysts predict a 2 – 3 per cent increase for the quarter.

19th April 2005/by Tyrepress Editors

Yokohama to Increase OTR Tyre Prices

(Akron/Tire Review) In the US Yokohama Tire Corp will increase OTR tyre prices “across the board,” effective 1 April, the company announced. The tyre manufacturer’s OTR tyre line will increase by 3-8 per cent, and additional in-line adjustments will be made, it said. Detailed pricing information will be sent to dealers. Yokohama said the reasons for the increase include rising costs of resources, such as steel, fabric and petroleum-derived materials.

18th March 2005/by Tyrepress Editors

Goodyear Announces Record Full-Year Sales

(Akron/Tire Review) The Goodyear Tire & Rubber Co announced that its net sales for 2004 were a record $18.4 billion, an increase of 21 per cent over 2003. Tyre volume in 2004 was 223 million units, which was up 5 per cent from 2003. Goodyear’s net income in 2004 was $115 million, compared to a net loss of $807 million in 2003. The company estimated that raw material cost increases negatively impacted 2004 earnings by $280 million but that currency translation had a positive impact of approximately $30 million.

17th March 2005/by Tyrepress Editors

Cooper Tire’s Upbeat Outlook

Cooper Tire’s management is convinced that it can achieve a dramatic margin improvement. That’ the verdict Deutche Bank analysts gave after meeting with company’s top brass. Having said that, the report says the company is also realistic, not claiming to be able to achieve this overnight. According to the analysts’ report, the company doesn’t expect to achieve its 10 per cent target margin until after 2006, possibly 2007. In the second half of 2005, the analysts predict a “compelling trajectory” culminating in a 6-8 per cent EBIT margin in 2006. Furthermore, up to two margin points could be achieved by reducing scrap and plant inefficiencies. Pricing is likely to continue to rise, and eventually exceed raw material cost increases (potentially responsible for between 1.5 and 3 points of margin). the analysts add.

10th March 2005/by Tyrepress Editors

Cooper Promotes Marketing Executives

Cooper Tire & Rubber Co. has made a number of new appointments, including the promotion of Ed Reading to vice president of international sales and marketing, writes Tire Review. In his new role, Mr Reading will be responsible for coordinating sales and marketing strategies for all Cooper products sold outside the US, as well as export sales from the US.

In addition, Cooper named Matthew Moore as manager of programme pricing. Mr Moore will be responsible for determining prices on Cooper tyre brands. Finally, Chris Barbara was named sales training manager, and will be responsible for developing and facilitating training for Cooper’s dealers and sales force.

9th March 2005/by Tyrepress Editors