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Michelin Full Year Sales Down

Michelin is expected to announce a small drop in sales to 15.54 billion Euro from 15.75 billion Euro. Analysts say this is likely to be due to the weak dollar. They also suggest that Michelin will increase prices to meet growing costs of oil-based raw materials. An announcement from Michelin is expected later today after the close of the stock market. Michelin’s full results are expected in two week’s time.The company’s share prices were pressured last Friday when Standard and Poor’s put the group on negative credit watch over unfunded pension liabilities. However they were given a 4.6 lift on Tuesday by good news from the auto sector suggesting a revival was under way.

12th February 2003/by Tyrepress Editors

Strong Results From Stomil

Polish tyre maker Stomil Olsztyn, a member of the Michelin group, reported a fourfold increase in net profits for 2002. Shares in the company rose by 3.8 per cent to reach their highest level since 1997. This was in contrast to the overall stock market performance, which fell 1.3 per cent. Stomil’s performance also boosted the share price of Goodyear-owned Debica, which closed up 3.2 per cent at a four-year high.

7th February 2003/by Tyrepress Editors

Cooper Net Income Rises In Fourth Quarter

Cooper Tire & Rubber has reported a 50 per cent rise in net income in the 4th quarter of 2002, compared to the same period in the previous year. Net income was $23 million on a turnover of $842 million (4Q 2001: $16 m/$777 m). For the year, the Tire Group posted a turnover of $1.8 billion ($1.7 bn) with unit sales up 5 per cent and the operating profit rose 88 per cent to $137 million, although the 2001 figure was affected by class action settlement charges totalling $72 million. Excluding these charges, operating profit for the year declined by $8 million or 5 per cent. Sales for the Automotive Division last year rose 7 per cent to $1.6 billion. Thomas A. Dattilo, Cooper chairman, president and CEO, said that the group had achieved its targets for the year and the outlook for 2003 was “challenging”.

7th February 2003/by Tyrepress Editors

1200 To Go At Michelin Spain

In an attempt to maintain strong results in Spain and to meet future challenges Michelin Spain has announced plans to reduce its staff by 1200 employees over the next three years. The reduction will come from a number of measures which will include early retirement and redeployment. The plan will see the closure of Michelin’s steel wheel plant in Aranda in 2005. Work will be transferred to plants in France and Germany. 600 workers will be affected by this move. The rest of the losses will be at Valladolid and Lasarte. Once detail agreement with the unions has been arranged the plans will be submitted to the Spanish government for approval in compliance with Spanish law.

3rd February 2003/by Tyrepress Editors

Amcast 1st Quarter Results

Amcast Industrial Corp. has reported results for fiscal 2003 1st quarter. Sales were up 15 per cent at $155.8 million (1Q 2001: $135.2 m). The net loss was $7.2 million ($5.5 m). Adding the cumulative effect of an accounting change increased the net loss to $53.7 million. North American Automotive sales were up 29 per cent while sales at Speedline in Europe rose 13 per cent. Operating expenses decreased by 2 per cent in the quarter, which Joseph R. Grewe, President and COO, described as “encouraging”.

18th December 2002/by Tyrepress Editors

Sime Darby Increase Profits In Q1

Sime Darby Bhd has reported a 17% rise in net profit to RM 214.1mil for its first quarter ended Sept 30. “We are quite pleased with the results and if this trend continues, we can beat last year’s performance,” said Sime Darby group chief executive Tan Sri Nik Mohamed Yaacob. Its tyre manufacturing division saw improved profits thanks to production efficiencies and a rise in turnover.

29th November 2002/by Tyrepress Editors

Michelin Is Gaining Market Share And Improving Results

Related news: First Quarter Results Of Michelin Better Than Expected Shift of Michelin Production Towards Romania Continental Market Leader in Bulgaria Michelin India Launches Primacy LC

5th November 2002/by Tyrepress Editors

Sales Increase For Titan

The third quarter saw Titan International reports sales increase of $104.7 million compared to $100.5 million for the third quarter of 2001. Year-to-date net sales were $354.2 million compared to $356.9 million for the first three quarters of 2001. The operating results showed a slight improvement, with a loss of $(7.8) million for the quarter, compared to a loss of $(8.0) million in third quarter 2001. Year-to-date loss from operations was $(2.7) million, compared to a loss from operations of $(8.8) million for the 2001 time period.

5th November 2002/by Tyrepress Editors

Favourable Reaction To Conti Nine-Month Figures

Continental has published its financial results for the first nine months, and initial reactions by financial analysts are very positive. Sales rose 3 per cent over the same period last year to 8.48 billion Euros. Net income increased by 173 million Euros to 217 million Euros and debt was reduced by 516 million Euros to 2.4 billion Euros. Passenger tyre sales fell 5.2 per cent to 2.76 bn Euros, due largely to the sale of the National Tyre Service chain and sluggish sales in the USA. Commercial vehicle tyre sales were flat.

31st October 2002/by Tyrepress Editors

Analysts Warn Of Rising Costs

At an analyst meeting following Michelin’s first half results, Morgan Stanley sounded a note of caution for the tyre industry. Raw material costs are set to rise, they warned, which will obviously adversely affect margins. Another cause of concern is that replacement demand in many markets has shown signs of weakness recently and it is just such a situation when tyre prices come under the most pressure, say the analysts.

1st August 2002/by Tyrepress Editors

Second Quarter Figures From Bandag

Bandag has released its second quarter results. Net income was $11.7 million, a $2.2 m (23 per cent) increase over Q2 2001. The cost of litigation with Michelin (now settled) in Q2 was $5.7 million, bringing the cost for the first six months to $9.7 million. For the first half year, Bandag’s consolidated loss totalled $34.4 million. Looking ahead, CEO Martin Carver said that the company did not foresee an increase in demand for retread products but he welcomed the ending of “the distractions caused by the Michelin litigation”.

26th July 2002/by Tyrepress Editors

Record Second Quarter For Cooper

Cooper Tire & Rubber has published its results for the second quarter, which showed a Q2 record net income of $39 million; an increase over last year’s 2Q figure of 113 per cent. Sales were up one per cent to $836 million and Cooper managed to reduce debt by $29 million. Sales for the first six months totalled $1.6 billion; a 4 p.c. rise over 1H, while net income was up 196 p.c. over the same period last year, at $65 million. 2Q tyre operation sales were $414 million ($433 m 2Q 2001) with operating profit up 39 p.c. to $37 million. The company’s North America unit volumes for 1H have risen by almost 5 p.c., against a decline for the industry of around 2 p.c.

19th July 2002/by Tyrepress Editors

Losses Improve At Amcast

Third quarter results from Amcast show the company improving on its position in the previous year. For the previous fiscal year to date sales were similar to this year’s and produced a loss of 25.9 million dollars. This fiscal year to date sales ran to 423.6 million dollars producing a loss of 12 million dollars. Compared to the previous year to date nine out of the company’s eleven operating divisions were showing a profit this year, as against five out of eleven last year. Star of the turnaround is North American Wheels which has shown a six-fold operating income on a sales increase of 24 per cent. The company debt at the start of the year has been reduced by 13.3 million dollars to 185.7 million dollars.

28th June 2002/by Tyrepress Editors

Profits Up For Beru

Beru AG has published results for the financial year ending 31st March. Sales topped 300 million Euro for the first time (303.1 m Euro, compared to 276.5 m the previous year). After-tax earnings were up 27.7 per cent at 42.4 million Euro (33.2 m last year). The increase was due mainly to growth in diesel cold-start technology and tyre pressure monitoring systems. This latter product group saw sales rise by nearly 60 per cent to 10.7 million Euro.

13th June 2002/by Tyrepress Editors

Shredding Mystery Causes Fall In Cooper Shares

Shares in Cooper Tire & Rubber fell dramatically (by as much as 25 per cent at one stage, although they later recovered to 11 per cent down) after reports that someone in the company had shredded documents relating to a personal injury court case against the company. Cooper denies that executives ordered the documents destroyed and blamed “two, low-level, non-management rogue employees” for the destruction of the documents. The case in question results from a fatal accident in 1998. Cooper denies that the tyre in question suffered from a manufacturing defect.

13th May 2002/by Tyrepress Editors