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Debica’s 4Q Net Profits Plummet 98 per cent

Debica SA’s net profits went into freefall in the fourth quarter of 2004, falling 98.14 per cent. According to a Dow Jones report, the company, 59.9 per cent of which is owned by Goodyear, recorded operating profits of 1.1 million euros in the period ended 31 December 2004. This compares with 8.1 million euros the same time the previous year (down 86.42 per cent). Net profits were hit the hardest falling 98.14 per cent from 8.3 million euros in the last quarter of 2004 to only 154,653 euros in 2004. Quarterly sales were the least affected, falling 4.76 per cent from 79.9 million euros in the final quarter 2003 to 76.9 million in 2004.

The end of year profit crash also impacted the total year figures. Although the company’s sales grew 8.54 per cent in 2004, from 360.9 million euros in 2003 to 332.5 million in 2004. Operation profit and net profits fell 4.49 per cent and 13.48 per cent respectively.

8th March 2005/by Tyrepress Editors

Hayes Lemmerz Appoints VP of Sales for International Wheel Group

Hayes Lemmerz International, Inc. has appointed Pieter Klinkers to the position of vice president of sales and marketing for the company’s International Wheel Group. Mr Klinkers replaces Marc Hendrickx who was recently appointed as vice president of the International Wheel Group’s Aluminum Operations. Mr Klinkers will report directly to president Fred Bentley. The appointment became effective on 1 March, 2005.

Pieter Klinkers joins Hayes Lemmerz from Michelin’s Wheel Group where he has worked since 1997. Mr Klinkers has served in a series of senior level marketing and sales positions with Michelin, most recently as director of sales and marketing, based in Paris, France. Fluent in Dutch, English, German and French, Mr Klinkers holds a Masters degree in Business Administration from Maastricht University in the Netherlands.

4th March 2005/by Tyrepress Editors

Poor’ US Roads Cost Drivers $52 billion Annually

The poor quality of American roads cost vehicle owners an extra $52 billion in annual repair, according to Market Analysis, a quarterly market research newsletter published by the Motor & Equipment Manufacturers Association (MEMA). According to the Tire Review report, poor road conditions may also play a role in nearly 30 per cent of traffic fatalities, MEMA has found.

4th March 2005/by Tyrepress Editors

Michelin Denies Trenco Interest

Michelin will not buy the whole Trenco Egyptian conglomerate, as some new sources had reported. According to an article in French newspaper, Les Echos, Michelin was likely to buy the conglomerate for $10 million, despite its daily losses of $40,000 and debts of $200 million. Deutsche Bank analysts contacted Michelin and report that the company denied being interested in the whole conglomerate, but only in the Nisr tyre brand. Nisr is much smaller in comparison, producing only 30,000 tyres each year. Egypt is the 5th largest North African market with an annual volume of 3 million passenger tyres and 700,000 truck tyres. This is an attractive market for Michelin which aims to expand its production capacity in this region, the analysts believe.

3rd March 2005/by Tyrepress Editors

Titan Releases 2004 4Q Results

Titan International Inc reported net sales of $105.9 million for the fourth quarter of 2004, up 30 per cent, from the $81.5 million the company achieved at the same point in 2003. Pro forma net sales for the 2004 year were $461.1 million, an increase of 32 per cent over 2003 pro forma net sales of $347.9 million, Tire Reivew reports, quoting the company.

Gross profit was $13.1 million for the fourth quarter, and for the year, gross profit more than doubled to $79.5 million in 2004. Gross profit in 2003 was $29.7 million. Net income for the year improved $47.8 million, to a profit of $11.1 million, versus a loss of $36.7 million in the prior year. “Titan has experienced another remarkable quarter, and we are proud to report a profitable 2004,” said Maurice Taylor Jnr, Titan’s president and CEO. “The operating results for the year show Titan’s employees worked hard to return the company to profitability when presented with increased demand in the agricultural and construction markets. Although it’s been a bumpy ride, we will not forget to maintain focus on reducing costs and further enhancing efficiencies. Many of our customers are predicting another strong year in 2005.”

28th February 2005/by Tyrepress Editors

Hankook Becomes US Touring Car Championship Sponsor

Hankook Tire America Corp has signed a three-year agreement making Hankook the official sponsor of the Hankook US Touring Car Championship (USTCC) race series until the end of 2007. According to a Tire Review report, under the agreement, Hankook’s Ventus RSS Z211 R-Compound racing tyres will be the control tyres for the 2005-series racing event. In addition, the tyre company’s logo will be prominently displayed at each racing venue and on competitors’ vehicles.

“Hankook is dedicated to expanding our motorsports activities, both as a demonstration of our technology, as well as our brand-building marketing campaign,” said Choi. “We look forward to a productive relationship with the USTCC — and to excellent competition over the next three years,” commented J W Choi, president and CEO of Hankook.

25th February 2005/by Tyrepress Editors

Bridgestone: Cautious as Usual

Analysts were not surprised by Bridgestone’s recently posted operating profit increase of 7.9 per cent, according to a Deutsche Bank report. At the same time as posting its 2004 full year results, the company predicted a downturn in operating profit of 14 per cent in 2005. The analysts’ verdict? Cautious as usual.

“The numbers did not surprise, as usual beating the company targets. They were driven by higher volumes in Europe and the US and an improved product mix,” the report says. The Deutsche Bank representatives continued by commenting that Bridgestone’s projected full year profit dip has accounted for higher raw material costs, but not the effect of passing these on to costumers. According to the analysts Bridgestone’s conservative estimates reflect a desire to reinforce its negotiating position with synthetic rubber and chemical material suppliers; underscore how tough the earnings environment is in order to make a stronger case for its own price increases; and gives extra leverage for unresolved labour contract issues with North American unions.

22nd February 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

Cooper’s Results ‘Disappointing’

Cooper Tire’s fourth quarter 2004 results disappointed analysts, according to a Deutsche Bank report. For them, the “major disappointment” was volume, which decline 6 per cent year-on-year. Cooper also registered earnings per share of $0.04, less than half analysts’ estimate. As a result the bank cut its 2005 earnings per share estimate from $1.45 to $0.75. They also cut their 2006 estimate from $2.45 to $1.25. In spite of these criticisms, the analysts also noted that the result were not necessarily reflective of “normal” profitability. “We find it encouraging that CTB’s order fill rates are in the low 80 per cent range, which implies that demand is outstripping supply.”

17th February 2005/by Tyrepress Editors

Living to Work or Working to Live?

Generation Y are better consumers than they are employees, according to a recent study quoted by Tire Review. Wards Auto World found that this group of employees go through jobs at an astounding rate and that they have an odd value system.

15th February 2005/by Tyrepress Editors

RMA/GPG Meeting to Address Political and Business Trends

The US Rubber Manufacturers Association (RMA) and General Products Group will discuss the political and business trends affecting the industry, at its annual meeting which is being held between 26 and 28 February. The RMA/GPG annual meeting will be held at the Sheraton Wild Horse Pass Resort in Phoenix, Arizona.

14th February 2005/by Tyrepress Editors

US Trade Gap Reaches Record Proportions

The US’s total trade deficit reached a record $617.7 billion, Tire Review reports, citing the Commerce Department. In 2004 the gap widened by 24.4 per cent compare with the previous year, thanks to increased costs of crude oil and more purchases of finished goods. According to the report, purchases of cars and tyres reached all-time highs. The trade deficit even reached as far as farm products, with Americans buying more cheese, wine and food products that the US exported.

14th February 2005/by Tyrepress Editors

Nokian Again Report Record Figures

Last year Finnish manufacturer Nokian reported record figures. Now it has done it again. In the last twelve months the group’s turnover increased from 528.7 million euros to 602.2 million in 2004, while operating profit increased from 79.1 million euros to 108.1 million euros. At the same time the Vianor trade group represented about 37 per cent of the total turnover. Almost all of the company’s operating profit came from manufacturing and 80 per cent of this was generated by passenger car sales. Roughly 70 per cent of production is for export in the Nordic countries, Russia, CIS and North America. The management remains convinced that it will be able to outperform these record figures again in 2005.

11th February 2005/by Tyrepress Editors

BorgWarner: Continued Growth Expected in 2005

BorgWarner Inc has reported 2004 earnings of $3.86 per share on sales of $3.5 billion (£1.9 million). In the fourth quarter of 2004 the company also recorded sales of $889 million (£477 million) up 11 per cent compared with the same time in 2003. BorgWarner reports that this equates to an operating income margin of 10 per cent.

8th February 2005/by Tyrepress Editors

Carlisle Tire & Wheel Sales up 19 per cent

Carlisle Tire & Wheel Company has reported a 19 per cent increase in 2004 net sales, compared with the previous year. According to the company, most of the increase came from sales in commercial and consumer power equipment, lawn care products and ATV wheels and tyres.

7th February 2005/by Tyrepress Editors