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Good EBIT Margin From Michelin

The tyre giant Michelin has today released more figures. The EBIT margin reached 7.6 % on a turnover of 15.4 billion Euro. Michelin reached this expected good result in spite of the fact that increases in raw material costs ate into the results over the year at many other tyre manufacturers. The truck division, which accounts for about 27 % of the total turnover, confirmed excellent double digit EBIT margins. For this year it is expected that Michelin will again achieve at least the same level of results as it did last year. But there is hope that oil prices are falling, which could give the company even better margins. The net debts stood at 4.9 billion Euro at the end of the year 2000.

30th November 2001/by Tyrepress Editors

Results Cannot Disguise Weak Period For Continental

In the first half of 2001, the group achieved a turnover of 5,498 million Euro; 12 per cent better than for the same period last year. EBIT came down from 267 million to 158 million Euros due to the closure of plants in Herstal (Belgium) and Bad Nauheim (Germany). Without these, EBIT would have been 58 million Euro better. The truck division shows some very bad figures; turnover is down 8 per cent to 438 million Euro and instead of an EBIT of 33 million Euro (2000), the group has made a loss of 37 million Euros. The tyre situation in America is even worse – despite a slight increase (+1 per cent) in turnover to 839 million Euro, the group made a loss of 53 million Euro. A year ago, the EBIT was +20 million Euro. Continental Automotive Systems boasts an increase in turnover of 31 per cent to 1,960 million Euro, but without the acquisition of Temic, the increase would have been 18 per cent. On the other hand, the EBIT improved by only 3 million Euro to 57 million Euro. The ContiTech business was, as always, very good, but ContiTech is up for sale. The division turned over 933 million Euro and achieved an EBIT of 81 million Euro. The Continental board remains optimistic that it will achieve not only a turnover for the year as a whole of more than 11 billion Euro, but that it will also improve the previous year’s EBIT.

30th November 2001/by Tyrepress Editors

Analysts Rate Goodyear Shares A “Buy”

Despite the admission of chairman and CEO Samir G. Gibara that Goodyear’s 4Q results were “disappointing”, some financial analysts have recommended the company’s shares as a “buy”. The results were better than forecast, plus the analysts are confident that Goodyear will start to turn things around before long.

30th November 2001/by Tyrepress Editors

Half Year Results Of Bridgestone

Turnover rose by 3.7 per cent, but the group announced a loss for the first half year of 280 million Euro. This is the result of the fatal recall and all the other costs from Bridgestone Firestone in the USA. Despite all the bad news, the management was confident that it would show a profit at the end of this year of around 80 million Euro. In the US, the group is not expecting to show a profit before the second half next year.

30th November 2001/by Tyrepress Editors

Divestment For Pacific Dunlop

Pacific Dunlop has announced it is to withdraw proposals to split its business into two independent publicly listed companies. The company told the Australian Stock Exchange it has decided to explore options to divest elements of the business and has appointed Deutsche Bank AG to assist. A profit warning for the second half to June 2001 was released, expecting profit to be up to 30 per cent lower than first half results.

30th November 2001/by Tyrepress Editors

Share Of Tyres In Pirelli Turnover Falling

In the first half of the year 2000, tyre business accounted for 40 per cent of Pirelli’s turnover, but this has now fallen to only 37 per cent, whereas cables/systems/communications increased to 63 per cent. There was an improvement in tyre business figures for the first six months, but this could not match the results of the other business units. The main reason was the economic problems in Turkey and America, which are very important markets for Pirelli.

30th November 2001/by Tyrepress Editors

Michelin Results 1999

Consolidated net sales of the Michelin group climbed to EUR 13.763 million in 1999. Successful areas were North America (+12%), Asia-Pacific, with the exception of Japan, (nearly +9%) and, despite economic problems, South America (+6%). Europe (+1%) remained stable.

7th December 2000/by Tyrepress Editors

May results of German tyre retailers by BRV

The monthly census of the German tyre dealers association BRV showed the following results for May 2000: Compared to May 1999 the turnover of German tyre retailers decreased 0.9%. In the passenger car tyre segment the decrease was 5.4% and retreading business had to face a decrease of 9.6%. Only the light truck and truck tyre segment showed an increase (+ 2.7%).

7th December 2000/by Tyrepress Editors

Scrap Tyre Open Forum

Around forty people from all sectors of the tyre industry, the waste collection industry and the trade press met in an open forum meeting to discuss the different aspects of the scrap tyre situation and to examine market trends. Among the topics on the agenda were retreading, recycling and re-use. Retreading in the UK (especially car tyre retreading) is going through what is probably its worst-ever period for sales. The situation at the forum was described as “an environmental disaster” by one delegate. Recycling suffers from a lack of investment; backers are scared off by the instability of prices in the scrap tyre collection market, at least at local level. Re-use brought up the subject of part-worn tyres, the UK market for which is estimated at around three million units. The futures for landfill engineering and energy recovery were also discussed at length. It was not only the various disposal methods that were under discussion – there were complaints about whether the playing field was as level as it should be and the Environment Agency was criticised by some for the length of time it took to evaluate test results. Possible future statutory control measures were discussed, particularly the fear that these might be imposed on the industry as a whole, or on one sector. Unless the industry can come up with an effective voluntary scheme, this was regarded as inevitable. More about this in TYRES & ACCESSORIES’s March issue.

7th December 2000/by Tyrepress Editors

Losses For Vredestein Group

After good a result for 1999, Vredestein NV has reported losses for the first half year in spite of satisfying results in the tyre business sector. The main reason for the bad figures was given as the consequences of an acquisition by subsidiary company Hevea, a producer of boots.

7th December 2000/by Tyrepress Editors

Goodyear Wins New Confidence

First quarter results due to be released on April 19th should be better than expected. The capacity utilisation in all Goodyear’s factories was higher than last year and the fill rate has been further improved. If Goodyear can stick to the already announced price increases in the USA (3-5%), this will mean a faster than expected recovery.

7th December 2000/by Tyrepress Editors

New Strategy At Titan

With the sale of assets Titan International (Quincy/Illinois), a manufacturer of speciality tyres and wheels, has exited the oe business with lawn and garden equipment as well as all terrain vehicles (ATVs) and improved its second quarter results due to the price paid by Carlisle Tire and Wheel Co. The new strategy of Titan will be to concentrate on agricultural and construction wheel business and tyre assemblies and to focus more on aftermarket demands.

7th December 2000/by Tyrepress Editors

Continental Shares Like Lead

Despite excellent results and an on-going buy recommendation from Deutsche Bank, Continental shares are not rising. The management has announced that the “intelligent tyre” is to be fitted as OE from 2003 but refuses to name the car manufacturer. The management also feeds speculation regarding a joint venture partner for brakes in Asia. Will this help the share price to rise?

7th December 2000/by Tyrepress Editors

Earnings Of Hayes Lemmerz Impacted By US Truck Production

Hayes Lemmerz International has announced results for the first six months of 2000. Sales were $1,138 million ($1,132), diluted earnings per share were $ 0.73 ($ 0.93). Business was impacted primarily by the drop in heavy truck production in the United States, coupled with the devaluation of the Euro against the Dollar.

7th December 2000/by Tyrepress Editors

Continental Denies Shareholding in Apollo Tyres

Continental has denied reports in Indian newspapers that it has a 15% shareholding in Apollo Tyres. Continental is in talks with other companies in India but the results will not be announced until later this year.

7th December 2000/by Tyrepress Editors