Cooper Tire & Rubber Company says it will announce its fourth-quarter/year-end 2010 financial results before the market opens on Friday, 25 February. A conference call will be held with company management to discuss the results beginning at 11:00 Eastern Standard Time on 25 February. Individuals can access a webcast of the conference call at the investor relations webpage. Replays of the call will be available until Friday, 4 March.
Nokian Tyres states that its sales and operating profit increased “more than expected” in the final quarter of 2010. The company has yet to release its quarter figures, however it estimates whole year sales in 2010 to be approximately 1.055 billion euros, compared with 798.5 million in 2009. Last year’s operating profit is estimated at 215 to 220 million euros, up from 102 million a year earlier. The Finnish tyre maker notes that sales and operating profit “grew clearly” in all its business units, fulfilling previously stated expectations.
Registrations of new passenger cars throughout the EU27 region of Western and Eastern Europe decreased 5.5 per cent year-on-year during 2010, with a total of 13,360,599 new units registered throughout the year. In releasing the year’s registration statistics, the European Automobile Manufacturers’ Association commented the depressed 2010 results were “marked by the ending of government fleet renewal schemes in many EU countries.” Registrations in December amounted to 1,009,638 units, 3.2 per cent less than a year earlier.
Signs of a rebound in the automotive industry following the recession can be seen in the latest annual results released by Continental AG. The tyre and vehicle components manufacturer reports sales in excess of 25 billion euros. “On the wings of better than expected business in the last three months of the year, we realised sales of over 25.5 billion euros in 2010,” stated Continental Executive Board chairman Elmar Degenhart at the North American International Auto Show in Detroit. Furthermore, despite an additional 480 million euro year-on-year cost to the company’s Rubber Group due to record high raw material costs, Degenhart said Conti’s adjusted EBIT margin will work out to be around 9.5 per cent for 2010.
On January 1, Cooper Tire & Rubber increased its level of ownership in its affiliated Mexican operation from 38 to 58 per cent. The tyre maker states this increased ownership in Corporacion de Occidente SA de CV. has been made as part of its long-term strategy to produce high quality yet cost competitive products. As a result of this transaction, the Mexican entity will be fully consolidated in the company’s financial results for this year.
The RMA is projecting a huge overall increase in tire shipments this year – by more than 9 per cent – thanks to sharp jumps in both the OE and replacement markets, reports Tire Review. But it will be more of the same in 2011, as growth projections fall to just 2 per cent for next year. According to its year-end projection, the RMA is calling for an increase of some 24 million tyres in total or a 9 per cent increase versus 2009 shipment results. Looking forward, the RMA sees a small 2 per cent year-to-year increase for 2011 thanks to continuing economic uncertainty.
Sumitomo Rubber Industries’ financial results for the nine months to September 30 show a 19 per cent increase in net sales plus a return to the black. During the nine-month period the company took in net sales of 424,514 million yen (£3.2 billion), as opposed to 356,662 during the same period of 2009. Operating income amounted to 28,640 million yen (£215.2 million), 190 per cent more year-on-year. Ordinary income was for the nine months was 25,311 million yen (£190.2 million) and net income 14,036 million yen (£105.5 million).
Last weekend saw the 2010 Michelin Power Cup race series draw to a close as the final round took place at a cloudy but mainly dry Cadwell Park in Lincolnshire. In the 1000cc class Jonathan Otter took first place with second and third places taken by Greg Allsop and Rhalf Lo Turco, respectively. In the 600cc class, Will Monie took the top spot with Adrian Allsopp and Andy Rouse following in second and third places.
Kumho reports that it enjoyed 4mins and 35secs of exposure during the BBC’s recent Korean Grand Prix coverage. Not in relation to F1, but through footage of the recent rally success of the show’s ebullient anchorman, Jake Humphrey, and long-standing Kumho-sponsored rally driver and Sky TV pundit, Tony Jardine.
The event, the Cambrian Rally, was Humphrey’s first ever rally and he took to the sport sufficiently quickly to guide the Ford-Fiesta-mounted pair to an impressive second in class. Running on Kumho rally tyres, their Fiesta was suitably adorned with Kumho stickers, while Kumho logos were clearly visible on the crew’s overalls. The team’s exploit’s also received a good airing in The Sun newspaper, which was another of their sponsors.
Goodyear states it will report its third quarter 2010 financial results before markets open on Thursday, 28 October. An investor conference call will follow the announcement at 10:00 (15:00 local time in the UK). Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer will participate in the call.
A review of preliminary financial data for the nine months ended September 30, 2010 has led the Pirelli & C. SpA Board of Directors to upwardly revise 2010 targets. The Board’s October 14 review of the preliminary data was made in view of the company’s new 2011-2013 three-year plan, and Pirelli says that the “positive performance of Pirelli Tyre in the first nine months of the year and the present market context permit a further upward revision of 2010 targets.” Targets had previously been raised when the first quarter and first half results were announced.
For the sixth consecutive year, the Korea Management Association has ranked Kumho Tires top in the passenger car tyre category of its Korea Customer Satisfaction Index (KCSI) survey. The index is calculated based on customer evaluations of a number of variables, including overall satisfaction, factor satisfaction and repurchase intent. Kumho Tires’ score of 67.7 secured it first place, and the tyre maker highlights that its score in the repurchase intention category was 11.1 per cent higher than any competing company – evidence, Kumho says, of a “green light” for expanding domestic market share.
Devon-based hazardous liquid waste management specialist the Bale Group has selected Bandvulc’s product range for its tyre policy. On the basis of in-house drive and trailer axle position trials carried out by Bale, the company chose the Bandvulc produce as the most cost effective option for its operation; Bandvulc’s BD08 drive axle and B2K trailer tyres have been selected as the preferred policy fitment, supported by Continental HSR2 tyres on all steer and lift axles.
Titan International reports that at the expiration time for its eight per cent senior unsecured notes offer on October 1, 99.2 per cent of the outstanding principal amount had been validly tendered – a sum totalling US$138,884,000. The company accepted and paid for $138,874,000 aggregate principal amount of its senior notes, as per a previously announced early settlement election, and subsequently accepted for purchase and paid for an additional $10,000 principal amount of senior notes that were tendered on or prior to the expiration time.
Sekhar Research Innovations (SRI) has been awarded the 2010 Asia Pacific Technology Innovation Award for Tire Recycling Technology by Frost & Sullivan. SRI received the Asia Pacific award in recognition of its performance in terms of uniqueness of technology, impact on new products/applications, functionality, customer value and the relevance of SRI’s innovation to the tyre recycling industry.
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