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Cooper Tire & Rubber: Weak Tire Demand to Leave Earnings Short

Cooper Tire & Rubber Company has announced that it will publish its financial results for the second quarter on July 17, 2003. The company also indicates that it expects those results to fall short of current analyst expectations. “This was a difficult quarter,” said Tom Dattilo, Cooper’s Chairman, President and Chief Executive Officer. “Raw material prices were dramatically higher and overall demand for replacement tyres was weak. The replacement tyre industry remained very soft during the quarter. Although we did see strong improvement in the latter half of June, it was not enough to offset the weakness earlier in the period.” The Company expects earnings per share to be in the range of 13 to 17 cents. These results include charges of 2 cents for restructuring, 4 cents related to temporary tire plant shutdowns, and a total of 2 cents for a minor accrual adjustment and the write off of certain tooling assets.

8th July 2003/by Tyrepress Editors

Mixed Results In Crash Test

The latest Euro NCAP crash test results name the Renault Espace as the highest-scoring vehicle ever tested, rating the maximum five stars for occupant protection and two stars (maximum of four) for pedestrian protection. By contrast, another MPV – the Kia Sedona (also called the Carnival) – was described as “the worst performing vehicle tested by NCAP over the past two years”, rating two stars (occupant) and one star (pedestrian).

27th June 2003/by Tyrepress Editors

SmarTire Systems Improve Third Quarter Revenues

SmarTire Systems Inc. the leading developer of tyre pressure and temperature monitoring technology, has announced results for the third fiscal quarter ended April 30, 2003. Gross revenue for the third quarter totalled 638,323 US Dollars, an increase of 234,393 US Dollars or 172% over the same quarter in 2002. Year-to-date revenues for 2003 of 1,182,674 US Dollars represent an increase of 52% over 2002 revenues of 779,687 US Dollars. SmarTire recorded a quarterly net loss of 1.54 million US Dollars or loss per share of 0.06 US Dollars compared to a net loss of 1.51 million US Dollars or loss per share of 0.09 US Dollars for the same quarter last year.”The positive revenue results achieved during the third fiscal quarter reflect SmarTire’s continued success in establishing a distribution network that penetrates global markets at the original equipment manufacturing (OEM) and aftermarket levels with new and existing products,” says Robert Rudman, President and Chief Executive Officer of SmarTire Systems.

13th June 2003/by Tyrepress Editors

Yokohama Results For Fiscal 2003

Yokohama Rubber Co. has released its results for the fiscal year 2003, ending 31 March. Net sales rose 0.2 per cent to 400,448 million Yen (3.38 bn US$). Operating income was up 2.1 per cent to 23,184 million Yen ( $ 195.6 m), while net income rose sharply (by 37.8 per cent) to a record 10,144 million Yen ($ 85.6 m). Sales of the Tire Group accounted for 71.7 per cent of net sales and were up 1 per cent to 286,987 million Yen ($ 2.4 bn), with operating income up 10.8 per cent to 17,264 million Yen ($ 145.6 m).

4th June 2003/by Tyrepress Editors

Fiat’s 1Q Results

Fiat’s 1Q results were worse than forecast. Turnover for the Fiat Auto division was 4.9 bn Euros, against a forecast of 5.6 bn. Reasons given for this were de-stocking, a slower market and a flood at a Fiat factory, which led to lost production. Turnover at Iveco was down 5 p.c. and at Case New Holland, 18 p.c., virtually all due to currency factors.

15th May 2003/by Tyrepress Editors

TPMS Helps Beru’s Results

The Beru Group has once again achieved an annual turnover of more than 300 million Euros for the year ended 31 March, up slightly (50,000 Euros) to 303.1 million. This was despite restructuring and product development costs and was helped by the performance of the Tyre Pressure Monitoring Systems division, which saw sales almost double to 20.5 million Euros (10.7 m). Better penetration among German manufacturers and niche applications for TPMS in the commercial vehicle industry contributed to this good performance.

15th May 2003/by Tyrepress Editors

Titan International 1Q Results

Titan International has reported its figures for the first quarter of the year. Sales were $129.0 million (1Q 2002: $123.7 m), but the company’s net loss grew to $5.9 million, compared to $2.9 million. This was blamed on increased raw material costs and increased employee benefit and insurance costs, which added over $4 million to expenditure in the quarter.NYSE Warns TitanTo add to the increase in losses, Titan has been notified by the New York Stock Exchange that its common stock has fallen below the NYSE’s listing criteria relating to minimum share price. This requires that the stock must trade at a minimum average price of $1 over a 30-day period. Titan has six months to return to compliance, but the company is confident that, should its shares cease to be traded on the NYSE, it will be able to find an alternative trading venue.

9th May 2003/by Tyrepress Editors

Federal 1Q Results – March Sales A Record

Federal Corporation has reported its first quarter results. Sales rose 16.3 per cent to US$26.4 million (1Q 2002: US$ 22.7 m). Sales in March this year hit an all-time high figure of US$10.7 million (March 2002: US$8.6 m), of which 70 per cent were export sales. Jamie Ma, President of Federal Corporation, was bullish about future prospects, predicting “another year of growth”.

25th April 2003/by Tyrepress Editors

Time Running Out For Goodyear

Yesterday was the final day for Goodyear to report its 2002 financial results or apply for a two-week extension. The company has said that it will not release financial details until it has finalised discussions with banks concerning restructuring, refinancing and securing loans, as “both subjects are related” said a spokesman. Goodyear denies it is facing a liquidity crisis, as some analysts have said, and the company has secured a new credit line of $1.3 billion.

1st April 2003/by Tyrepress Editors

Goodyear Misses Deadline (Update)

Goodyear Tire & Rubber Co. has missed its Monday deadline for reporting its end of year results for 2002. The company is still in negotiations with banks over restructuring of its loans. It is currently seeking an extension with the Securities and Exchange Commission (SEC) that would give it until April 15 to file the information. However, Friday is a more impending deadline when the banks wish to complete discussions regarding the loans.Goodyear lost $203 million in 2001 and is expected to post a loss for a second year in a row.The filing with the SEC also requires companies to disclose a wide range of other audited financial data, including available cash, sales, assets, debts and capital resources. Failure to meet the extended deadline could see Goodyear facing a court order to disclose the information, along with civil fines.Goodyear said the only reason it needs an extension is because it is continuing to discuss its loan restructuring with a group of banks.

1st April 2003/by Tyrepress Editors

Titan International 2002 Results

Titan International has reported its 2002 financial results. Turnover for the year was $462.8 million (2001: $457.5 m), while operating results showed a loss of $14.1 million (2001 loss: $33.5 m). The net loss was $35.9 million for the year (2001 loss: 34.8 m) and this figure includes two investment losses, totalling $12.4 million. Titan’s President and CEO Maurice Taylor Jr., pointed to the improvement in operating results as evidence that Titan’s quest to rebound are proving successful and he paid tribute to the company’s workforce for their efforts.

4th March 2003/by Tyrepress Editors

Record Loss For Fiat In 2002

2002 results were the worst-ever in Fiat’s history. The group posted a net loss of 4.3 billion Euros (2001: – 791 million). The auto division lost 1.3 billion Euros (2001: – 549 million) and Fiat announced that it would refinance the auto division to the tune of five billion Euros. A three billion Euros increase in capital would subscribed immediately but it was not made clear whether the remaining two million would come from a rights issue, or whether General Motors would be asked to contribute.

3rd March 2003/by Tyrepress Editors

Pirelli Preliminary Results Show Mixed Picture

Pirelli has released details of its unaudited results for 2002. Group revenue was 6.3 billion Euros, 11 per cent down. This was attributed entirely to the crisis in world telecoms market. The Energy Cables and Systems sector showed a drop in sales to 3 bn Euros (2001: 3.52 bn). The Tyres sector continued to grow, up 9 per cent to 2.85 bn Euros. The Telecoms sector showed a fall to 460 million Euros (2001: 1.2 bn). Group consolidated EBIT was 117 million Euros (2001: 295 m).

20th February 2003/by Tyrepress Editors

Currency Values Affect Michelin Sales

Michelin has released its 4Q and full year results for 2002. 4Q sales fell 2.8 per cent to 3.959 bn Euros, while full year sales were down 0.8 per cent to 15.645 bn Euros. Although volumes increased for both 4Q and FY2002, currency fluctuations were responsible for the reduced revenue and, when the effect of these is excluded, sales would have increased by 3.9 per cent. Passenger car/light truck tyre sales accounted for 7.947 bn Euros, while truck tyre sales were 3.944 bn Euros.

13th February 2003/by Tyrepress Editors

Q4 And Full Year Results For TBC

TBC Corporation (Memphis/TN), one of the USA’s largest aftermarket tyre distributors has announced record sales and earnings for the forth quarter and year ended 31st December 2002.

12th February 2003/by Tyrepress Editors