Yokohama profits halved, tire unit reports major declines

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Tokyo – The Yokohama Rubber Co. (YRC) has reported a 50.1% year-on-year decline in first quarter business profit at Yen5.8 billion (€47 million) on 0.2% higher sales of Yen149.5 billion.

In the tires segment, sales revenue for the first three months of the year fell 3.9% to Yen100 billion, due in part to a decline in sales volumes, Yokohama reported 14 May.

Segment profit dropped 81.6% to Yen1.4 billion, due to lower volumes and an increase in production costs associated with reduced production.

Read the source article at European Rubber Journal

Titan International : Management’s Discussion and Analysis of Financial Condition and Results of Operations

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations (MD&A) is designed to provide a reader of the financial statements included in this quarterly report with a narrative from the perspective of the management of Titan International, Inc. (Titan or the Company) on Titan’s financial condition, results of operations, liquidity, and other factors that may affect the Company’s future results. The MD&A in this quarterly report should be read in conjunction with the condensed consolidated financial statements and other …

Read the source article at Stock Market Quotes and News

Cabot Corp Reports Second Quarter Fiscal 2019 Results

BOSTON–(BUSINESS WIRE)–May 6, 2019– Cabot Corporation (NYSE: CBT) today announced results for its second quarter of fiscal year 2019.

Key Highlights

  • Positive impact from calendar year 2019 tire customer agreements more than offset by pricing weakness in China in Reinforcement Materials
  • Performance Chemicals impacted by soft automotive demand and a less favorable product mix
  • Announced agreement to divest Specialty Fluids segment in transaction valued at $135 million
  • Continued commitment to return cash to shareholders with $70 million of dividends and share repurchases in the quarter

Read the source article at Markets data

Prometeon amends & extends senior financing

Prometeon Tyre Group has signed an agreement for the amendment, restatement and extension of its 600 million euro senior financing, underwritten in March 2017, originally with a three-year duration. The new agreement allows the extension of the final maturity to March 2021 (with the possibility to further extend it to March 2022 at Prometeon’s discretion) at conditions in line with the current market.

Read the source article at Tyrepress

Orion Engineered Carbons S.A. Announces First Quarter 2019 Financial Results

Orion Engineered Carbons S.A. (NYSE: OEC), a worldwide supplier of Specialty and High-Performance Carbon Black, today announced first quarter 2019 financial results.

First Quarter 2019 Highlights

  • Net Income of $19.0 million and basic EPS of $0.32 versus $26.8 million and $0.45 in first quarter of 2018
  • Adjusted EPS1 of $0.40
  • Cash flow from operations of $26.2 million
  • Total Carbon Black volumes decreased 

Read the source article at EPICOS

Cooper raises prices on truck tires to compensate for import duties

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FINDLAY, Ohio — Cooper Tire & Rubber Co. has raised prices on its Cooper- and Roadmaster-brand truck tires to compensate for the elevated import duties levied by the U.S. government on truck tires from China.

The increases were effective after the start of the second quarter. Cooper declined to disclose the scale of the increase. Cooper/Roadmaster dealers contacted by Tire Business described it as a price “adjustment.”

Read the source article at Rubber and Plastics News

Trinseo S.A. (TSE) CEO Frank Bozich on Q1 2019 Results

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Earnings Call Transcript:

Operator

Good morning, ladies and gentlemen, and welcome to the Trinseo First Quarter 2019 Financial Results Conference Call. We welcome the Trinseo management team, Frank Bozich, President and CEO; Barry Niziolek, Executive Vice President and CFO; and David Stasse, Vice President of Treasury and Investor Relations.

Today’s conference call will include brief remarks by the management team followed by a question-and-answer session.

Read the source article at Stock Market Insights

Conti earnings decline amid automotive slowdown

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Hanover, Germany — Continental Corp. has registered a 17.1% year-on-year decline in earnings on flat sales for the first quarter of 2019.

Adjusted EBITDA fell to €884 million for the first three months of the year, while sales grew 0.3% to €11 billion, Continental said in a release 26 April.

The company statement did not offer a breakdown of the business performance of its various divisions.

Read the source article at European Rubber Journal

Merger/acquisition activity continues to drive North American commercial sector

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AKRON — 2018/19 will go down as one of the commercial tire industry’s most active periods in terms of mergers/acquisitions, with as many as 75 points of sale/service and 14 retread plants changing hands over the past 12 months.

Topping the list are Southern Tire Mart’s pending acquisition of 46 GCR Tires & Service commercial tire locations and six retread plants from Bridgestone Americas Inc. and Bauer Built Inc.’s acquisition of the tire division of Allied Oil & Tire Co. — seven outlets and one retread plant in five states.

Read the source article at Tire Business