Sumitomo Rubber Industries has revised upwards its forecasts for its half year financial results, which are due to be published this Friday. The reasons for the upbeat revision are better-than-expected tyre sales at home and overseas, plus benefits gained from price rises during the period.
Snap-on Incorporated, parent company of UK companies UK Equipment, Snap-on Tools and Sun Diagnostics, has just announced a 20 per cent rise in second quarter pre-tax profits to US$ 26.6 million.
Jack Michaels, Snap-on’s CEO commented on the company’s goals: “We continue to believe that by placing urgent emphasis on improved customer responsiveness, and maintaining our strong heritage of product quality, performance and innovation, we can substantially strengthen our brands’ global appeal.”
“These results demonstrate that our corporation continues to deliver profitable growth in a very competitive business environment”, said Brian O’Sullivan, general manager UK Equipment. “In recent years Snap-on has invested heavily in new product design and the rewards for this can be seen in the continuing improvement in the companies fortunes”.
Continental has released second quarter results which show a 28.5 per cent increase in group earnings (EBIT) and consolidated sales of 6.807 billion euros. “In the first six months, we made considerable progress towards our goal of achieving new top figures and are looking at the second half of the year with confidence,” said executive board chairman Manfred Wennemer.
Analysts are predicting that Continental will record strong EBITA growth “in the magnitude of 30 – 35 per cent,” alongside “limited sales growth” when the company reports its second quarter figures tomorrow. “However, this will be nearer 2-3 per cent on a like for like basis due to a particularly strong second quarter in 2004 (i.e. passenger car sales went up 9 per cent in the second quarter of 2004). Due to higher Capex and the full payment of the dividend, we don’t expect any debt reduction in the second quarter. Debt reduction should accelerate in the the third and fourth quarters,” the Deutsche Bank analysts added.
Having completed an internal investigation into why its tyres were not suitable for the US Grand Prix at Indianapolis, Michelin has found that its tyres were the wrong specification, rather than faulty. “The tyres were not intrinsically flawed, but were insufficiently suited to the extreme racing conditions encountered through Turn 13 of the Indianapolis circuit this year”, an official statement read.
Only one in five motor vehicle service and repair garages are aware of the hazardous waste regulations due to come into place in coming weeks, according to new figures revealed today by the Environment Agency.
The findings, which are the result of a survey of more than 1000 small and medium sized businesses in England and Wales found that only 17 per cent of garages interviewed knew about the new regulations which will take effect from 16 July 2005.
SmarTire Systems’ results for the quarter ended 30 April show a slight increase in losses. SmarTire recorded a quarterly net loss of $5.31 million compared to a net loss of $2.95 million for the same quarter last year. The net loss for the nine month period ended 30 April, was $11.79 million compared to a net loss of $8.12 million last year.
JSC Yaroslavsky Tire Works in Yaroslavl’, one of Russia’s largest tyre manufacturers and a part of Sibur holding, has released full-year 2004 and first quarter 2005 financials. The results show that, once again, although the company’s output dropped its profitability has actually increased. 2004 sales fell 30 per cent year-on-year to $95 million, while operating profit dropped 17 per cent to $2.5 million.
National Tyres & Autocare (NTA), has today announced the results of its ongoing customer satisfaction survey. Of the 20,000 comment cards received from customers over the last 12 months, 91 per cent described the service provided by National as ‘Exceptional or ‘Above Average’’ claims the company.
The research also revealed that 98 per cent of customers would use National again. Comment cards are collected from all 208 National Tyres & Autocare branches in the United Kingdom explains NTA, so that the company can monitor customer satisfaction on a regular basis.
(Akron/Tire Review) Cooper-Standard Holdings, the parent of Cooper-Standard Automotive, has reported results for its first full quarter as a stand-alone company. The company posted revenues of $470.1 million for the first quarter, which ended on 31 March, compared to a record $497 million for the prior year same quarter.
(Akron/Tire Review) American Tire Distributors Holdings Inc (ATD) has announced operating results for the first quarter ended 2 April. Consolidated net sales increased 17.6 per cent to $354.3 million, versus $301.4 million in the first quarter of fiscal 2004, and gross profit increased 10.9 per cent, ATD reported.
(Akron/Tire Review) Sweden’s Trelleborg Wheel Systems has approved Arnco’s SuperFlex and RePneu flatproofing fill for use in its branded agricultural tyres. Arnco European Sales Manager Andrew Elliot said the results of extensive laboratory and field testing conducted by Trelleborg were a major factor in the decision.
Commenting on the testing, Trelleborg field engineering manager Bo Lenander said: “The end-user specially pointed out the positive side of being spared the expensive tire repairs, wrecked tires and the difficult and expensive down time. It was also noted that they were let off the continuing tyre pressure checks and the otherwise constant concern for air leakage.”
Performance Alloys.com has introduced three new alloy wheels designs, the SC-18, SC-22 and the SC-33. When asked about the latest alloy wheels and tyres sales manager Garry Higgins said: “We are continually asked by our customers for an ever increasing range of larger and more unique alloy wheels for their cars. Some companies would not look at supplying such high performance vehicles with after market wheels but our company is leading the way in supplying exclusive and custom wheels for the more discerning customer.”
(Akron/Tire Review) JP Morgan analysts have upped their estimates for Cooper Tire & Rubber Co and upgraded its rating to “neutral.” The analysts said Cooper is benefiting from improved tyre pricing in the US and that its first-quarter results were in line with estimates. However, the company’s share price has depreciated by 20 per cent year to date, the analysts noted. Cooper’s EPS estimates for 2005 and 2006 were increased from $0.33 to $0.37 and from $0.50 to $0.70, respectively.
(Akron/Tire Review) Bandag Inc. has reported consolidated net earnings of $6.0 million, or $0.30 per diluted share, for the first quarter of 2005. Consolidated net sales were $186.6 million, an increase of 8 per cent, compared to consolidated net sales of $173.5 million in first quarter 2004. For the first quarter of 2004, Bandag reported consolidated net earnings of $4.0 million, or $0.20 per diluted share.
If you would like the latest news from the Chinese tyre industry in Chinese, visit our partner site TyrepressChina.com. Or click below to continue on Tyrepress.
