Diminished profits are the order of the day in Ceat Ltd’s audited financial results for the financial year ended March 31, 2011. Performance in the final quarter impacted on the Indian manufacturer’s performance, and despite annual income growing 24.2 per cent to Rs 35163.3 million (£477.3 million), annual net profit plummeted from Rs 1610.3 million at the end of 2010 to Rs 222.8 million (£3.0 million).
The April UK new car market fell by 7.4 per cent to 137,746 units, according to the latest figures issued by the SMMT. However, the market was 1.5 per cent ahead of forecast and said to be “on par with the 2010 market” if take the scrappage volumes out of consideration. Year-to-date, registrations over the first four months of 2011 were down 8.5 per cent to 696,082 units, leaving the SMMT’s full-year forecast unchanged at 1.93 million units.
Despite the tough market conditions, fleet demand reportedly remains robust, up 6.5 per cent in April, while diesel volumes also recorded strong growth. Diesel cars represented 52.7 per cent of the total market in April and have shown year-on-year growth in every month of 2011. The VW Golf was the best selling diesel in April. Alternatively fuelled car registrations rose by 48.1 per cent in April.
Last weekend’s BSB round at Oulton Park provided a “best ever” moment for Maxxis-sponsored team MSS Colchester Kawasaki. The tyre maker reports that team rider Stuart Easton, having secured the new Kawasaki Ninja ZX-10R’s first podium in the 2011 MCE Insurance British Superbike Championship with a third place in race one, followed up with an even better performance in the second race and led for the majority of laps before finishing second overall. This was, Maxxis states, the team’s best ever Superbike finish.
Goodyear's first quarter 2011 results were “significantly above expectations” according to investor information published by Goldman Sachs. In addition to stating that the results were above their estimates, the analysts said Goodyear’s figures came in ahead of the wider consensus, “driven largely by a $361million tailwind from pricing and mix” which was way above the $278 million projection. According to Goldman Sachs, this increase is impressive because it exceeds the $300 million per quarter the market was typically able to absorb in periods of high inflation.
Goodyear Tire & Rubber has reported record sales and higher unit volumes for the first quarter of 2011 – and a net profit for the quarter. The tyre maker’s first quarter 2011 net income was US$103 million, up from a net loss of $47 million for the same period in 2010.
Goodyear has announced that it will report its first quarter financial results before markets open on 29 April, followed by an investor conference call at 10:00 local time (five hours behind the UK). Chairman and chief executive officer Richard J Kramer and executive vice president and chief financial officer Darren R Wells will be present. As usual, the manufacturer will post the information on its investor relations website 45 minutes before the conference call. A replay will be available on the website.
Blitz Rotary, who claim to be European leaders in truck lifting technology, are exhibiting at April's CV Show, at the NEC. The company employs the most modern methods of manufacture including fully automatic production facilities featuring welding robots; this results in a very high number of consistently accurate and high quality components being produced in-house.
The Continental Corporation reports it has successfully completed final stage of its “comprehensive refinancing programme.” On March 29, the automotive supplier agreed to new terms and conditions for its VDO loan for an original financing volume of 6.5 billion euros, maturing next year. The new package features a credit volume totalling six billion euros: One loan tranche of 625 million euros will mature in August 2012, a further tranche of 2.875 billion euros plus a revolving credit facility amounting to 2.5 billion euros have a term of three years. Financing will be provided by more than 35 banks; Continental states it was “significantly oversubscribed.”
The results in round two of the Maxxis ACU British Motocross Championship at Canada Heights on 27 March turned out to be a repeat of the season opener, reports the brand and title-sponsor. Shaun Simpson (LS Honda) and Arnaud Tonus (Bike It Cosworth Wild Wolf Yamaha) took victory in the MX1 and MX2 classes respectively, while other Maxxis-sponsored teams also posted top ten finishes.
Schaeffler Group has confirmed a series of measures re-financing the company by reducing detbs by around 2.8 billion euros and re-positioning itself in relationship to Continental AG. Following a string of news reports suggesting the moves were on the horizon, the company issued a statement on 28 March confirming it is selling approximately 29.7 million indirectly owned shares in Continental AG, increasing its directly owned stake from 42.2 to 49.9 per cent and is converting into a stock corporation (from Schaeffler GmbH to Schaeffler AG) this year. Continental shares reportedly rose 1.6 per cent during trading on Monday 28 March in response to the news.
Expressing it’s the company’s deepest condolences to the victims of the 11 March 2011 earthquake and tsunami, Toyo Tires group has released further details about the how the tragedy has affected its business and what it is doing to ensure the safety of workers.
Despite the fact that Toyo runs a plant in Sendai near the epicentre of the magnitude 8.9 earthquake, the company reports that neither this nor its other manufacturing plants in Japan have been affected by the tsunami, and there has not been any significant earthquake damage to plant building or facilities.
A March 11 report from DB Equity Research Automotive observes that the cost of “certain key raw materials” used by tyre manufacturers have begun to decline. The Deutsche Bank equity research team states: “Most notably, we estimate that natural rubber prices have declined by nine per cent since last Friday…and rubber has declined by approx. 15 per cent (from the $2.45-$2.50/lb level) since US tyre companies reported their Q4 results. If this decline in natural rubber costs is sustained, total raw material costs could decline by 4.0 per cent compared with Deutsche Bank estimates.”
Nexen Tire Corporation has reported sales of 1.08 trillion Korean Won (£595.5 million; 696.385 million euros; US$964 million), an 11.8 per cent increase compared with 2009. Hyun Bong Lee, vice chairman and CEO of Nexen said: “Nexen has made a great step towards its target of becoming one of the top 10 tyre manufacturers in the world by 2015.” Sales have almost tripled since 2004 and are forecast to triple again by then.
Continental says it has “latched onto” results of a university study into the latex properties inherent in dandelions. A research team at the University of Münster subjected the Asteraceae family flower to a number of lab tests and observed they produce a gum elastic equal in quality to rubber tree latex. Since learning of this discovery Continental reports working hard to promote the idea, and today is a member of a consortium of research institutes and research partners who intend to transform the research results into market products.
Tyre supplier BestBuyTyres Ltd has updated its website with a brand new look. The improved site has been designed to make the selection and purchasing process more simple and efficient for consumers. Jolyon Pope, director at BestBuyTyres comments: “Whilst we had been receiving positive feedback from customers regarding the existing website, we are always looking to improve our services. The new look site is easier to navigate and includes accurate real-time price and product updates.” Tyres bought on the website can be fitted and wheels balanced at more than 450 UK centres thanks in part to links with “three leading multi-outlet independent tyre specialists”.
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