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Analysts raise Cooper target price

Deutsche Bank analysts have raised their target price for Cooper Tire & Rubber shares to US$19.00. In an investors’ note published 3 May, the analysts stated that Cooper Tire “reported stronger than expected Q1 earnings of $0.34 versus our $0.27 estimate. Margins were significantly higher than we expected (operating margin was 4.8 per cent versus our 3.9 per cent estimate). All of the upside versus our estimates was derived from lower than expected raw material inflation. Nonetheless, the results were impressive considering that they were achieved despite $0.32 of strike related costs. This reinforces our view that tyre companies are becoming more profitable at any volume. We maintain our Hold based on uncertainty surrounding structural industry changes.”

4th May 2012/by Tyrepress Editors

Farming contractor switches skid steer loader to Michelin radial tyres

Under advisement from local Michelin Exelagri dealer North Devon Tyres, a Somerset-based farming contractor has become one of the first UK customers to fit Michelin’s new BibSteel All-Terrain tyres on one of its skid steer loaders. Tone Valley Services, based in Taunton, owns five skid steer loaders which it uses on local farms. The machines, which are used predominantly to scrape and clean out chicken sheds, have been fitted with Michelin Stabil’X tyres for the last three years.

1st May 2012/by Tyrepress Editors

Zafco to show Idiada-proven Zeetex ZT1000 at Essen

Zafco has tested its new Zeetex ZT1000 pattern at the Idiada testing facility in Spain, assessing its strengths and areas for improvement against two other brands from Korea and Taiwan respectively. The tyre tested strongly in aquaplaning, braking distance, steering, comfort, noise and estimated tyre life, consistently performing as well as, or better than, at least one of the other tyres tested, the company says. Testing on a scale of 1-10, where 10 denotes “exceptional” performance, the tyre scored consistently between seven (“good”) and eight (“very good”). Raghavendra Sanga, business & technical insights manager at Zafco, commented that: “R&D at Zeetex will incorporate the results of this study in its future product developments.” He also revealed that Zeetex will showcase the ZT1000 “as an environment friendly tyre at Reifen 2012 in Essen, Germany."

23rd April 2012/by Tyrepress Editors

Audi claims competitive edge on leading UK online tyre retailer

Main dealers don’t spring readily to mind when the average motorists thinks of affordable online tyre purchasing, yet Audi says that its approved centres throughout the UK offer competitive tyre fitting. Indeed, the company says that during March quotes given by its Audi Centres and Audi Authorised Repairers were, on average, four per cent cheaper than the leading national online tyre supplier on a like-for-like basis. To help drivers work out the fully-fitted cost of new tyres purchased through its centres, Audi has introduced a new online tyre quotation tool at www.audi.co.uk/tyres.

23rd April 2012/by Tyrepress Editors

Hankook survey shows strong US interest in eco-tyres

According to the results of Hankook Tire America’s “Spring Gauge Index”, 61 per cent of drivers in the US would be interested in buying eco-friendly tyres. The main reason for making such a purchase is the potential fuel savings they’d deliver; Hankook’s study shows that 68 per cent of drivers who’d buy eco tyres gave this reason as their motivating factor.

23rd April 2012/by Tyrepress Editors

Goodyear to address 2012 Q1 results

The Goodyear Tire & Rubber Company has announced that it will report first quarter 2012 financial results on Friday, 27 April, to be followed by an investor conference call at 8:30 EST (13:30 GMT). The conference call will be taken by Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer.

13th April 2012/by Tyrepress Editors

Lanxess announces record results

At its annual press conference on 22 March, specialty chemicals company Lanxess reported record sales and earnings figures during the 2011 financial year. Highlights the company touched upon were a 23 per cent rise in sales to 8,775 million euros, EBITDA pre exceptionals up 25 per cent to 1,146 million euros – the first time the one billion euro mark has been exceeded. The company’s EBITDA margin pre exceptionals came in at 13.1 per cent, compared with 12.9 percent the year before. Net income rose disproportionately compared with sales and EBITDA pre exceptionals, improving by one third from the previous year to 506 million euros. These positive results were achieved, the company stated, thanks to its price-before-volume strategy, successful acquisitions and focus on the emerging markets.

22nd March 2012/by Tyrepress Editors

Analysts: Pirelli target upgrade a big surprise

While pleased that Pirelli’s figures were “in line” with expectations, financial analysts have reported their surprise at the Italian-based tyre manufacturers’ decision to raise its targets for 2012. According to advice sent out by Morgan Stanley the upgrade news is “a big surprise so soon after the investor day in the fourth quarter.” They expect target upgrade in the region of 8 to 10 per cent and immediately issued the succinct advice “buy”.

12th March 2012/by Tyrepress Editors

Canadian Tire makes 4 retail management changes

Canadian Tire Corp has mad four new appointments as it alters its core retail operations, reports Tire Review. All of the appointments are effective on 5 March. Marco Marrone, who joined the company in 2009 as executive vice president and CFO, was promoted to COO of Canadian Tire Retail.

24th February 2012/by Tyrepress Editors

ANRPC: 2011 production up 6.4%

The Association of Natural Rubber Producing Countries (ANRPC) reports that Q1 2012 Production Growth is expected to marginally increase by 0.3 per cent. During 2011ANRPC's total production rose 6.7 per cent to 10.127 million tons, faster than the 6.4 per cent rate expected until a month ago. The upward revision results from a better-than-expected output from Vietnam for the year. The country produced 811,600 tons of NR in 2011 as against 780,000 tons as anticipated earlier and 751,700 tons produced in the year before.

7th February 2012/by Tyrepress Editors

Goodyear to announce Q4 2011 financial results

The Goodyear Tire & Rubber Company will report fourth quarter 2011 financial results before markets open on Tuesday, 14 February. The announcement will be followed by the customary investor conference call at 08:30 (13:30 GMT) with Richard J Kramer, chairman and chief executive officer, and Darren R Wells, executive vice president and chief financial officer.

2nd February 2012/by Tyrepress Editors

Keyuan SBS line enters production

China’s Keyuan Petrochemicals has announced that one of the production lines for Styrene-Butadiene-Styrene (SBS) at its new plant in Ningbo, Zhejiang Province, has commenced commercial production. Keyuan conducted tests on the line in the final quarter of last year following completion of its new 70,000 tonne SBS production facility in September 2011. The first line entered commercial production in December and the company says that during the quarter it produced 2,733 tonnes and sold 2,623 tonnes of the substance used by tyre makers.

30th January 2012/by Tyrepress Editors

Strike blamed for weaker Ceat profit

India’s Ceat Limited has released its results for the quarter between 1 October and 31 December 2011, a period in which net sales rose 18.2 per cent to Rs 10.48 billion (£132.45 million). Yet the tyre maker reports that “results for the quarter were adversely impacted by an illegal stroke of workers at [the] Nasik factory” which lasted from 30 September to 22 October. And when Ceat says results were adversely impacted, it means that quarter net profit sank 52.3 per cent year-on-year to Rs 23.90 million (£302,000).

25th January 2012/by Tyrepress Editors

Analysts: Conti’s 4Q revenue could beat 3Q

Continental AG’s management is confident enough that its fourth quarter revenue will beat the third quarter to tell analyst of the upgrade. According to Morgan Stanley, this implies a slight upgrade to consensus numbers which following 7.7 billion euros for the third quarter currently stand at 7.6 billion for the final quarter of the year.

6th January 2012/by Tyrepress Editors

November European market volumes dent year to date curve

November appears to have been a good month for original equipment passenger car and light truck tyre shipments in Russia. In their monthly market updates, Michelin and Pirelli respectively report a 2.9 per cent year-on-year decline and 3 per cent growth for this segment in Europe – the main difference being that Pirelli’s figures include Russia, while Michelin’s do not. November results for Russia alone were not published by either company. According to the French tyre maker replacement market volumes for the month decreased 2.1 per cent year-on-year, while its Italian counterpart reports the decline as only 1 per cent. Year to date, Michelin estimates the growth in the European passenger car OE and replacement markets as being 6.9 per cent and 7.0 per cent respectively, while Pirelli gives a lower figure of 4 per cent for both.

21st December 2011/by Tyrepress Editors