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Nexen Q2 results fall short of expectations

Nexen Tire’s second quarter results failed to live up to average analyst expectations. Although unit sales rose 17 per cent year-on-year, a ten per cent drop in average selling price compared with the second quarter of 2012 meant net sales revenue only increased 3.7 per cent to KRW 451.1 billion (£262.0 million) – 12.1 per cent lower than the consensus estimate of KRW 463.21 billion. Gross profit rose 4.6 per cent to KRW 125.1 billion (£72.7 million) and gross profit margin increased 0.2 per cent to 27.7 per cent.

8th August 2013/12,345 Comments/by Tyrepress Editors

World ploughing champ wins on Mitas tyres

Barbara Klaus, an Austrian driving a New Holland tractor mounted with Mitas tyres, recently won the conventional ploughing world championship held in Olds, Alberta (Canada). Her teammate Margareta Heigl won the silver in reversible ploughing driving a Steyr tractor. John Whelan of Ireland won the reversible ploughing category.

1st August 2013/12,345 Comments/by Tyrepress Editors

Is Carlisle tiring of tyres?

Carlisle Companies, parent of Carlisle Transportation Products, says it will investigate “strategic alternatives” for its tyre and wheel subsidiary following quarter results punctuated by poor sales for the business unit.

26th July 2013/12,345 Comments/by Tyrepress Editors

MRF profits up 57%

Although India’s Automotive Tyre Manufacturers Association recently expressed a measure of dissatisfaction about the domestic rubber situation, member company MRF Ltd’s latest quarter results show profits that have been helped by the commodity. In the three months between 1 April and 30 June (the third quarter of MRF’s financial year), the tyre maker’s net profit leapt 57.2 per cent to Rs 2.27 billion (£25.0 million).

26th July 2013/12,345 Comments/by Tyrepress Editors

Indian tyre makers turning to imported rubber

Ongoing concerns over the availability of natural rubber have prompted India’s tyre makers to cast an envious eye on supplies from outside the country. Now the Automotive Tyre Manufacturers Association (ATMA), the organisation representing ten of India’s tyre manufacturers, has handed the country’s Commerce Minister a statement saying the tyre industry will more strongly rely on rubber imports.

22nd July 2013/12,345 Comments/by Tyrepress Editors

New date for Pirelli board meeting

Pirelli’s Board of Directors will now meet to review results for the six months ended 30 June on 5 August 2013, instead of on 29 July as previously announced. Other planned dates remain the same; Pirelli will present its new 2013-2017 Industrial Plan to the financial community on 6 November 2013, after the approval of results for the nine months ending 30 September 2013, scheduled for 5 November, as previously announced.

15th July 2013/12,345 Comments/by Tyrepress Editors

Zeetex expands range with two new winter patterns

Daisy Tires, Zeetex’s Italian distributor cut the ribbon at the launch of the brand’s latest tyre during Autopromotec in May. The new ICE 1000 studless winter passenger car tyre will be available in sizes ranging from 14 to 17 inches and is said to be part of a new generation of products which are set to replace the S-100 line over the next few years. The ICE 2000C is a winter commercial tyre with zigzag sipes. According to the company, the tyre offers “remarkable handling and enhanced stability on slush and snow surfaces”. This tyre is available in 15 and 16 inches with high end load ranges.

25th June 2013/12,345 Comments/by Tyrepress Editors

Bridgestone inflatable stands 'increasing footfall'

As a manufacturer of inflatable products, it could be considered rather apt that the world’s largest tyre-maker should use compressed air to its advantage in its promotional activities. Two new eight metre radius displays, utilised so far at Donington Circuit, the Yorkshire Show, Props and Pistons and the CLA Game Fair, are helping Bridgestone to increase its impact at outdoor events in 2013.

19th June 2013/12,345 Comments/by Tyrepress Editors

Hankook chairman to strengthen control through capital increase

Seoul-based Korea IT Times reports that Hankook Tire’s holding company, Hankook Tire Worldwide, will increase its capital by issuing capital stock for noncash assets. This is being done in order to make Hankook Tire its subsidiary, the ICT journal explains. Through the capital increase, Hankook Tire chairman Cho Yang-Rai and his family will be able to strengthen their control over the company by doubling their stake in the holding company.

23rd May 2013/12,345 Comments/by Tyrepress Editors

Going, Going…1980s cars will soon be gone

The 1980s may have enjoyed a fashion and pop revival but cars from that decade are some of the most endangered cars on British roads today. New research into the top British family cars by consumer motoring champion HonestJohn.co.uk reveals that many of UK's once-popular family cars are on the verge of disappearing completely.

20th May 2013/12,345 Comments/by Tyrepress Editors

Cheng Shin Rubber sales, profits set to rise – Morgan Stanley

According to a recently published consolidated financial summary for Cheng Shin Rubber, the Taiwanese tyre maker’s net sales and profits are expected to steadily climb over the next couple of years.

15th May 2013/12,345 Comments/by Tyrepress Editors

Nexen Q1 results

In the first quarter of 2013, Nexen Tire Corporation achieved net sales of KRW 432.9 (£252.5 million), the Korean tyre maker reports. Almost 85 per cent of sales were generated in the aftermarket, with North America by far the company’s largest single geographic region; North American sales declined 13.0 per cent year-on-year to KRW 106.6 billion (£62.2 million). Sales in Europe, Nexen’s second largest market, grew 19.2 per cent year-on-year to KRW 87.2 billion (£50.9 million), and domestic market sales increased 14.4 per cent over the first quarter of 2012 to KRW 56.4 million (£32.9 million). Sales in China, at KRW 8.8 billion (£5.1 million), were 11.0 per cent down on a year earlier and other region sales increased 10.4 per cent year-on-year to KRW 112.1 billion (£65.4 million). Original equipment sales accounted for 15.6 per cent of Nexen’s total and grew 21.5 per cent year-on-year to KRW 68.6 billion (£40.0 million).

3rd May 2013/12,345 Comments/by Tyrepress Editors

Trelleborg Q1 results show effect of weaker market

In its interim report covering January – March 2013, Sweden’s Trelleborg “noted a strong first quarter despite weaker market conditions”, or in other words, its figures are down on a year earlier but show a respectable performance given the current market. The company anticipates its performance in the second quarter will be on a par with the first quarter.

25th April 2013/12,345 Comments/by Tyrepress Editors

Goodyear Dunlop expands Ctrack coverage for TruckForce

Goodyear Dunlop’s dedicated truck tyre service provider, TruckForce has expanded its vehicle tracking system with the UK and Ireland’s largest telematics provider Ctrack, covering its entire fleet. The company says the deal will improve its operating efficiency, enhancing customer service.

24th April 2013/12,345 Comments/by Tyrepress Editors

European plant utilisation under scrutiny – Michelin CFO

In response to questioning about low plant utilisation in Europe, Michelin CFO Marc Henry told participants in the company’s Q1 2013 earnings call that the tyre maker will consider its options in the coming months. Michelin's European passenger car plants are currently running at 75 to 80 per cent of capacity and its truck plants at 65 to 70 per cent, he shared.

23rd April 2013/12,345 Comments/by Tyrepress Editors