Tokyo – Bridgestone Corp. has posted a sharp drop in earnings and revenue for 2016, as the Japanese yen gained strength and the cost of raw materials grew.
In its full-year financial statement on 17 Feb, the tire maker said its sales dropped 12% year-on-year to Yen3.3 trillion (€27.5 billion), with sales of tires showing a 13% decline to Yen2.7 trillion.
Bridgestone also registered an 8% decline in sales of diversified products to Yen585 billion.
Read the source article at European Rubber Journal
TORONTO — Ontario Minister of Economic Development Brad Duguid said Canada is “fortunate” to begin a NAFTA dialogue with the Trump administration “from a position of absolute strength.” Over the first three quarters of 2016, Ontario’s real GDP growth has outpaced that of Canada’s and all other G7 countries. The province’s unemployment rate is also at its lowest in eight years, Duguid said.
Read the source article at Front Page
TOKYO—Yokohama Rubber Co. Ltd. suffered a 22.4 percent drop in operating income for the fiscal year ended Dec. 31 on a 5.3 percent decline in sales.
The Japanese tire maker cited “adverse conditions” in overseas tire markets, including the appreciation of the yen and declining prices, for the earnings decline.
Operating income slid to $398.4 million, while sales dropped to $5.61 billion despite the addition of six months of revenue from Alliance Tire Group. The operating ratio dropped one and a half points to 7.1 percent.
Net income fell 48.3 percent to $177 million.
Read the source article at Rubber and Plastics News
SCOTTSDALE, Ariz.–(BUSINESS WIRE)– Carlisle Companies Incorporated (NYSE:CSL) reported record net sales of $893.5 million for the fourth quarter of 2016, a 2.0% increase from $876.2 million in the fourth quarter of 2015. Net sales from the acquisitions of Micro-Coax, Inc. (Micro-Coax) and Star Aviation, Inc. (Star Aviation) in the Carlisle Interconnect Technologies (CIT) segment, and MS Oberflächentechnik AG (MS Powder) in the Carlisle Fluid Technologies (CFT) segment, contributed a total of 2.0% to net sales in the fourth quarter of 2016. Organic net sales (defined as net sales excluding both sales from acquisitions within the last twelve months and the impact of changes in foreign exchange rates versus the U.S. Dollar) grew 0.5%. Fluctuations from foreign exchange had a negative impact to net sales of 0.5%.
“On January 31st we announced the acquisition of Arbo Holdings Limited (Arbo), a leading provider of sealants, coatings and membrane systems based in Belper, England. Arbo complements our leading position in EPDM (rubber) roofing systems in Europe and adds new products to our weatherproofing offerings used to improve the thermal performance of buildings. We are pleased to welcome the Arbo team to Carlisle.
Read the source article at cnbc.com
PITTSBURGH, Feb. 8, 2017 /PRNewswire/ — Koppers Holdings Inc. (NYSE: KOP) intends to release its fourth quarter 2016 financial results before the opening of the markets on Thursday, Feb. 23, 2017, and discuss its results on a conference call later that day at 11:00 a.m. Eastern Time. Presentation materials will be available online at least 15 minutes before the call.
Interested parties may access the live audio broadcast by dialing 866-719-0110 in the United States/Canada, or 719-234-0008 for international, Conference ID number 4441959. Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 888-203-1112 or 719-457-0820, Conference ID number 4441959. The recording will be available for replay through March 24, 2017.
The live broadcast of the Koppers conference call will be available online: http://edge.media-server.com/m/p/opof589q. (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your internet browser’s URL address field.)
If you are unable to participate during the live webcast, the call will be archived on www.koppers.com and www.streetevents.com shortly after the live call and continuing through March 24, 2017.
Read the source article at PR Newswire
In Toyo Tire & Rubber Co. financial results for fiscal year 2016, the tiremaker reported decreased tire sales overall, but an increase in unit sales in the overseas replacement market.
According to the report, Toyo’s tire business net sales decreased 6.7% year-over-year to 381,635 million yen (approximately $3.34 billion) in 2016, while operating income decreased 21.7% to 45,405 million yen ($397 million). Toyo attributed this decrease in net sales to net to a strong yen and other factors.
Read the source article at Tire Review
Unique Fabricating, Inc. (“Unique” or the “Company”) (NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced preliminary financial results for the fourth quarter and 12 months ended January 1, 2017.
Based on preliminary financial information, the Company expects:
Full Year 2016
- Revenue of approximately $170.5 million, in line with previous guidance
- Adjusted diluted earnings per share of approximately $0.78, compared to previous guidance of $0.88 to $0.91, reflecting the extended assembly plant holiday shutdowns at various automotive OEM’s to correct excessive inventory of certain models during the fourth quarter, the impact of stronger US currency against our hedged Mexican peso position, higher employee health care costs, and the impact of an unexpected equipment failure at one of the Company’s plants
- Adjusted EBITDA of approximately $19.0 million, compared to previous guidance of $19.5 million to $20.0 million
Read the source article at PR Newswire
Michelin reports having met its financial objectives in 2016 and its chief executive officer considers the year “a successful milestone in our strategic roadmap.” The tyre maker’s sales volumes increased 2.1 per cent during the year, outperforming the market, and an increase in operating and net income was also recorded.
Read the source article at Tyrepress
SYDNEY, Feb 13 (Reuters) – Australian rubber products maker Ansell Ltd said on Monday that rising raw material costs and foreign exchange fluctuations kept half-year profit flat, sending shares to a six-month low.
The company, which makes goods ranging from gloves to diving suits, reaffirmed its earnings target and said it had received several expressions of interest for the purchase of its profitable 120-year-old condom business.
But analysts said earnings per share were tracking at the low end of the $1 to $1.12 full-year guidance.
“It’s a bit of a miss … operationally the result is fairly flat and the only positive is that the sexual wellness is still on track to be sold,” said Bill Keenan, general manager of direct equities research at broker Lonsec.
Ansell shares skidded as much as 6.2 percent on the result to touch A$20.75 ($15.90), a six-month low, before rebounding to settle around A$21.70, while the broader Australian market rose 0.48 percent.
Half-year profit was $69.8 million, the company said, compared with $69.6 million previously.
Read the source article at Global Rubber Markets News
Goodyear Tire and Rubber Co. today reported record-breaking earnings in the Americas and strong earnings globally, despite a year-over-year decrease in consumer and commercial tire sales numbers globally. Goodyear earnings include a net income of $1.3 billion globally for 2016 and record high Q4 income of $295 million for the Americas. Growth, despite a 4.6% decline in units sold and a 10.9% decrease in net sales within the Americas (in part due to the deconsolidation of Venezuela), the tiremaker reported a 1.1% YoY increase in consumer tire units sold and a 4.2% YoY decrease in commercial units sold worldwide.
The company’s strategy to focus on the more profitable large-rim-diameter tire sizes (17-inch and larger) and increasing the value of the Goodyear brand seems to be paying off. According to Richard Kramer, chairman and chief executive officer, the income increase was driven by strong performance is the company’s Asia Pacific and Americas consumer tire businesses. Kramer said robust growth in the large-rim-diameter tire sizes (17-inch and larger) in 2016 was 9% in the US and 10% in EMEA.
“With the increasing demand for these premium tires, we expect supply to remain tight,” Kramer said. “The segment is growing in multiples [as compared to] the total industry.”
He added that the trend is driven by the auto manufacturers so the company will continue to target OE fitment opportunities that have high consumer loyalty, resulting in eventual pull-through to the replacement market.
Read the source article at Tire Review