AKRON—Despite relatively lackluster first-half financial performances, tire makers for the most part are optimistic about their second half and fiscal 2017 earnings prospects.
AKRON — The world’s leading tire makers committed more than $7.3 billion in the past year toward new plants and capacity expansions, a measurable drop from record spending of $10 billion-plus in 2015-16 but still ahead of the annualized average for the past decade.
The investment sum was buoyed by nearly $3.3 billion in spending on acquisitions, deals that involved companies with collective annual sales of more than $2.5 billion — including Qingdao Doublestar Tire Co. Ltd.’s still-pending $830 million bid to buy what amounts to a controlling interest in South Korea’s Kumho Tire Co. Inc.
Seoul, Korea / Neu-Isenburg, Germany – Hankook Tire has posted a 34.4% drop in operating earnings for the second quarter on global sales 3.5% lower at €1.341 billion, the company announced 9 Aug.
The Korean tire maker linked the earnings decline, which saw operating profit fall to €163.9 million, was mainly due to higher raw materials prices.
On a brighter note, Hankook said quarter-on-quarter sales revenue had increased, with growth “outpacing the market.”
The Yokohama Rubber Company Limited has registered profits for the first half of 2017. Operating income increased to 18.4 billion yen, up by 16.8 per cent over H1 2016; net sales increased by 15.9 per cent to 310.8 billion yen and profit attributable to owners of parent increased 38.7 per cent to 11.4 billion yen.
KOBE, Japan — Sumitomo Rubber Industries Ltd. suffered double-digit drops in operating and net income for the quarter and half-year ended June 30, but is still raising its earnings forecast for the full fiscal year.
Aug 4 (Reuters) – Cooper Tire & Rubber Co * Cooper Tire & Rubber Company reports second quarter 2017 results * Q2 earnings per share $0.85 * Q2 sales $721 million versus i/b/e/s view $767.8 million * Q2 earnings per share view $0.74 — Thomson Reuters I/B/E/S * Qtrly consolidated unit volume decreased 0.5 percent compared with a year ago * Cooper Tire & Rubber Co – unit volume in u.s. Is expected to be in line with industry for second half of 2017 * Cooper Tire & Rubber Co – for full year 2017, unit volume growth is expected in international segment and …
Gurgaon, India – Apollo Tyres Ltd. suffered double-digit declines in operating and net income for the quarter ended June 30 on a slight dip in sales.
Apollo’s operating income for the fiscal 2018 first quarter fell 50.3% to $43.8 million on a 1-percent dip in sales to $505.9 million. Net income slid 72% to $13.7 million.
Second Quarter 2017 Financial Highlights
- Revenue of $44.5 million in the second quarter 2017, up 5.9% compared to $42.0 million in the second quarter 2016
- Net income of $1.7 million, or $0.17 per basic and diluted share in the second quarter 2017, compared to $0.6 million, or $0.06 per basic and diluted share in the second quarter 2016
- Adjusted EBITDA of $5.0 million in the second quarter 2017, including $1.6 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $4.3 millionin the second quarter 2016, including $1.4 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
- Adjusted diluted earnings per share of $0.19 in the second quarter 2017 versus $0.14 in the second quarter 2016(1)
- Declared a quarterly cash dividend of $0.15 per share payable on September 7, 2017 for stockholders of record as of August 31, 2017
Continental AG (CTTAY) shares fell Thursday after the first-half performance of its ContiTech division and stagnating margins in its automotive business left investors disappointed.
The world’s second largest maker of car parts reported sales of €22.2 billion ($25.4 billion) for the six months to June 30, up 10% on the same period one year ago, before raising its full-year revenue forecast by just more than 1% to €44 billion.
However, the bottom line and group margin contracted slightly after the company was hit by higher raw materials prices in its tires division, the largest unit of the group.
AKRON, Ohio, July 20, 2017 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) will report second quarter 2017 financial results on Friday, July 28, to be followed by an investor conference call at 9 a.m.
Participating in the conference call will be Richard J. Kramer, chairman, chief executive officer and president; and Laura K. Thompson, executive vice president and chief financial officer.
Prior to the commencement of the call, the company will post the financial and other related information that will be presented on its investor relations website: http://investor.goodyear.com.