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Accuride Posts Muted Quarter Results

Vehicle component manufacturer Accuride Corporation has published details of the company’s second quarter (to June 30) results. Net sales of US$245.1 million were recorded during the quarter, a sizeable drop from the $361.7 million earned during the same quarter of 2006. Half year net sales, at $570.6 million, were similarly lower than the previous year’s result, when net sales of $721.7 million were recorded between January and June. The company attribute the lower sales to a reduced demand for commercial vehicles with engines compliant with new emissions standards that came into effect in 2007.

“As expected, significant reductions in commercial vehicle production have impacted our results in the quarter as demand for vehicles with EPA compliant engines was weak,” said Accuride chairman and CEO Terry Keating. “We have anticipated this downturn fairly well so far and are using this period of reduced production levels to invest in core businesses and undertake necessary maintenance. These actions ensure we are well positioned for the upswing in the cycle in 2008 and beyond.”

9th August 2007/by Tyrepress Editors

Bridgestone H1 Results Highlight Across the Board Growth

On August 9 Bridgestone released its consolidated business and financial results for the January 1 – June 30 period. Net sales during this half year, at 1615.6 billion yen (£6.69 billion), were up 13 per cent on last year, an increase partially brought about through an exchange gain on the weaker Japanese yen. Operating income increased 21 per cent from 84.1 billion yen (£348 million) to 102 billion yen (£422.16 million) and ordinary income increased 29 per cent to 91.3 billion (£377.88). Net income, at 52.9 billion yen, was 61 per cent higher than a year earlier.

Operating income from the sale of tyres increased 30 per cent to 70 billion yen (£290 million) on a 15 per cent increase in sales, to 1304.7 billion yen (£5.4 billion). Bridgestone states that it sought to maximise tyre sales momentum through the ongoing introduction of new products worldwide, while at the same time expanding strategic production sites in support of products that have been identified as important to the company’s growth.

9th August 2007/by Tyrepress Editors

Bridgestone H1 Results Highlight Across the Board Growth

On August 9 Bridgestone released its consolidated business and financial results for the January 1 – June 30 period. Net sales during this half year, at 1615.6 billion yen (£6.69 billion), were up 13 per cent on last year, an increase partially brought about through an exchange gain on the weaker Japanese yen. Operating income increased 21 per cent from 84.1 billion yen (£348 million) to 102 billion yen (£422.16 million) and ordinary income increased 29 per cent to 91.3 billion (£377.88). Net income, at 52.9 billion yen, was 61 per cent higher than a year earlier.

Operating income from the sale of tyres increased 30 per cent to 70 billion yen (£290 million) on a 15 per cent increase in sales, to 1304.7 billion yen (£5.4 billion). Bridgestone states that it sought to maximise tyre sales momentum through the ongoing introduction of new products worldwide, while at the same time expanding strategic production sites in support of products that have been identified as important to the company’s growth.

9th August 2007/by Tyrepress Editors

Pre-Tax Profit Skyrockets at JK Tyre

The un-audited financial results released by JK Tyre & Industries Ltd for the quarter ending June 30, 2007 – the third quarter of India’s financial year – reveal good news for shareholders and paint a picture of a company in a strong position.

Revenues of Rs 8,178 billion (£100 million) were recorded for the quarter and the company reported EBIDTA of Rs 725.3 million (£8.8 million), up from the Rs 444.9 million (£5.4 million) achieved last year. Pre-tax profit rose to Rs 312.3 million (£3.8 million), a huge jump from a year ago when profits before tax stood at Rs 56.1 million (£683,700). The earnings per share for the quarter stands at Rs 6.56 (£0.08).

31st July 2007/by Tyrepress Editors

Net Income, Profit up for Hankook

Net income of 66.7 billion won (£35.7 million) has seen second-quarter profit for South Korea’s largest tyremaker increase by 52 per cent. Hankook Tire reported in a regulatory filing that the quarter’s sales also went up, by 8.2 per cent to 559.2 billion won (£300 million). The increased focus on the more lucrative high performance tyre market has been credited as a factor in the company’s positive results. Hankook’s overseas operations have also played a role.

Hankook expects to boost net income by 36 per cent this year to 226.9 billion won (£121.6 million), largely thanks to exports and higher OE sales to luxury vehicle manufacturers.

31st July 2007/by Tyrepress Editors

Analysts: Michelin H1 Results “Good”

Despite reporting first half operating profits below analysts’ estimates, (860 million euros, up 34 per cent instead of 910 million euros, up 41 per cent), Deutsche Bank has described Michelin’s first half financials as “good.” They see the difference as mostly attributable to adverse raw material price fluctuations between semesters and as a result are predicting a better than expected second half. Therefore the bank has left its full-year operating profit projections for the company at 1.72 billion euros, up 30 per cent, which equates to a high 10 per cent of sales.

Looking further ahead, the analysts pointed to the 19 per cent margin achieved by Michelin’s specialty tyres division, which was loss making four years ago. According to the analysts, this is a “good indication of what truck tyres can achieve in the future.”

30th July 2007/by Tyrepress Editors

Pirelli Tyre Profits 6% Up in 1st Half Year

Pirelli & C. SpA disclosed on July 27 that operating profits from its core Pirelli Tyre operations rose six per cent in the first half of the current financial year to 206 million euros. This increase over the previous year’s first half of 195 million euros has been attributed to higher revenues and an improved product mix. Revenues for the division increased 6.6 per cent to 2.15 billion euros.

Operating profit figures for the entire Pirelli Group were also positive, increasing 10.2 per cent to 342 million euros. Revenue for the Group, at 2.68 billion euros, was 11.1 per cent higher.

These current figures for Pirelli Tyre and the Group are preliminary and the company will publish full results on September 11.

27th July 2007/by Tyrepress Editors

Half Year Michelin Results Show Growing Operating Margin

Michelin has announced generally positive results for the half year ending June 30, 2007, which the tyremaker believes were aided by supportive markets, especially the truck tyre sector in Europe, Asia and particularly South America.

Total sales were recorded as 8.4 billion euros, a 4.7 per cent increase on the first half of 2006. From this operating income was 797.7 million euros, up 64.4 per cent on last year and net income as of June 30 was 436.4 million euros, a very respectable 57.6 per cent increase from 2006. The company’s price/mix effect was maintained at +4.4 per cent, in part the result of a “favourable impact” of price increases implemented during the second half of last year. Combined with reduced selling, general and administrative expenses and good sales performance, this equalled for Michelin a strong operating margin growth (before non-recurring items) to 10.2 per cent and the aforementioned 436.4 million euro net income.

27th July 2007/by Tyrepress Editors

Goodyear Announces Q2 2007 Earnings Release, Conference Call

Goodyear Tire & Rubber plan to report their second quarter 2007 financial results before markets open on Thursday, July 26, and follow this up with an investor conference call at 10:30 am local time. Participating in the conference call will be chairman and CEO Robert J. Keegan, president, North American Tire and chief financial officer Richard J. Kramer and senior vice president, finance and strategy Darren R. Wells.

Prior to the commencement of the call, the company will post the financial and other statistical information that will be presented on its investor relations Website: investor.goodyear.com. Those interested may access the conference call on the Web site or via telephone by calling (706) 634-5954 before 10:25 a.m. July 26. A taped replay of the conference call will be available at 3 p.m. that day by calling (706) 634-4556. The call replay will also remain available on the Website.

24th July 2007/by Tyrepress Editors

Deldo Sales Reach Record Levels

Belgium based wholesaler Deldo Autobanden has released its sales figures for the first six months of this year, and claim the results highlight the company’s strong performance and year by year growth. During 2007 Deldo has already attained half-year record sales of more than 3,400,000 tyres, and many European dealerships for Deldo’s exclusive Wanli, Sunny and Fortuna brands have been established. The development of dealers has also been boosted by a specific marketing promotion program launched in December 2006.

The wholesaler states they have been ‘happy’ with pre sales of winter tyres, despite many of their clients still holding considerable stock. Deldo states their pre sales of Wanli and Sunny tyres, for which more than 80 studdable and non-studdable sizes are available, have reached 65 per cent.

23rd July 2007/by Tyrepress Editors

Pirelli First Half EBIT Predicted to be Up on Strong Tyre Result

Pirelli & C SpA’s first half EBIT profit, due to be announced on Thursday, analysts said, citing the real estate and tyre operations as key to the growth. According to the AFX news agency, EBIT is seen at 235-250 million, up from 216 million in the first half of 2006, while EBITDA will rise to 344-374 million euros, from 324 million, they said, adding that the net figure will only be announced in September. In comments specifically on the second quarter, Deutsche Bank said in a note it sees tyre operations EBITDA up 4.5 per cent. For the first half, a Milan analyst said she sees tyre activities contributing an EBIT of 201 million euros, up 3.1 per cent year-on-year, in her overall first half EBIT estimate for 250 million.

Analysts said they don’t expect the first half results to include any comment on a possible buy-back of a 39 per cent stake in Pirelli’s tyre unit that was sold to banks last year. Deutsche Bank said it favours a buy-back of the tyre unit, followed by a spin-off of the unit to Pirelli shareholders, giving them a pure tyre sector investment play, plus a holding company.

23rd July 2007/by Tyrepress Editors

Swedish Study Says Brakes, Tyres Still Pollute

(Akron/Tire Review – UPI/Earth Times) Swedish scientists have determined particles worn from automobile brake linings and tyres continue to be major sources of potentially toxic pollution.

David Hjortenkrans and colleagues at the University of Kalmar compared metal emissions from brake linings and tyres to other metal emission sources in Stockholm during 1995 and between 1998 and 2005. They found copper and zinc emissions from brake linings remained relatively unchanged at high levels, making them a major pollution source.

Brake linings were also found to be a source of another toxic metal, antimony. By contrast, lead and cadmium emissions from brake linings decreased by one-tenth during the period.

20th July 2007/by Tyrepress Editors

MNA Testing Hydrogen-Fueled Lift Trucks

(Akron/Tire Review) Michelin North America is testing hydrogen-powered lift trucks at one of its tyre plants in South Carolina. The summer-long test is being run at several South Carolina manufacturers by hydrogen fuel cell maker Hydrogenics, equipment distributor LiftOne and lift truck maker Linde.

“Michelin is committed to excellence in the area of environmental responsibility, especially in conjunction with promising, innovative technologies,” said Raul Fernandez, site manager at MNA’s Lexington, S.C., plant. “While the results of this trial won’t be known until the completion of the evaluation period, we are hopeful that this technology for forklift applications will prove to be both practical and environmentally sound.”

18th July 2007/by Tyrepress Editors

Falcon Tyres, Sumitomo Signs Technical Assistance Deal

India’s Falcon Tyres has signed a technical assistance agreement with Japanese giant Sumitomo Rubber Industries. Chairman of Falcon’s parent Ruia group, P.K. Ruia, has stated that Sumitomo will provide know-how for the production of tyres for two-wheeled vehicles.

According to Mr. Ruia, the agreement will provide assistance for everything from improving production processes through to the introduction of tubleless and other technically advanced tyres. He said although the brand had to date focused upon the OEM segment, the current sluggish growth in OEM demand might force the company to increasingly look at the replacement market.

Falcon Tyres finalised its 2006-07 results at its board meeting on June 28, and have reported an increase in dividend from 25 to 30 per cent for the year. This follows an increase in turnover from £312.9 million £393.9 million. The company’s net profit improved from £4.4 million to £4.8 million.

29th June 2007/by Tyrepress Editors

John Bean Alignments V3D Makes Alignment ‘Child’s Play’

John Bean, a brand within Snap-on Equipment, has introduced a new easy-to-use wheel alignment system that offers the accuracy of 3D digital imaging technology for just over £7,000 – the same price as a conventional close-coupled device (CCD) aligner.

V3D Lite enables vehicle set up and alignment readings to be taken in under two-minutes through a simple process that automatically guides the technician with clear instructions and easily understood colour graphics. The operator has only to enter basic data, mount a robust acrylic target on each wheel and roll the car backwards and forwards a short distance to obtain a detailed and accurate reading. 3D modelling also ensures that alignment results are not compromised by the non-measurement of wheel run-out promoted by some manufacturers.

V3D Lite enables the customer to use an existing lift and empowers a greater number of workshops to gain a new or improved revenue stream alongside their core business. The PC-based system also features a colour printer, allowing detailed pre- and post- alignment reports to be presented to the consumer. Records are also stored and updated on the system, providing a full audit trail for all checks carried out.

26th June 2007/by Tyrepress Editors