Cooper Tire & Rubber Company reported a second quarter 2020 net loss of US$6 million on 3 August 2020 compared with net income of $9 million in the same period last year. Net sales decreased 26.9 per cent to $496 million. Operating profit was $5 million, or 1.1 per cent of net sales, compared to operating profit of $32 million (4.7 per cent of net sales) in 2019.
Continental has reported second quarter 2020 consolidated group sales of 6.620 billion euros. This equates to -39.8 per cent drop year-on-year. Pre-tax profits (EBIT) came in at -9.6 per cent of sales (-636 million euros). However, sales in the Rubber Technologies division, which includes tyres, were 2.962 billion euros and the adjusted EBIT margin was 1.2 per cent (around 36 million euros). Thus, Continental’s tyre business has managed to remain profitable despite the obvious pressures of the coronavirus context.
The Yokohama Rubber Co. Ltd. posted a 258 million yen loss during the first quarter of 2020 compared with 9.1 billion yen in profit in the same period of the previous year. Meanwhile operating profit fell 90.4 per cent, to 1.2 billion yen. Sales revenue declined 13.6 per cent to 129.1 billion yen.
The Goodyear Tire & Rubber Company is aiming to achieve US$3 billion in annual segment operating income by 2020. At the same time the company is planning to attain cumulative free cash flow of $4.3-$4.9 billion from 2017 to 2020.
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Marcus Prell, Continental AG
Yokohama