The European tyre industry will contribute to achieve the new EU climate goals

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Brussels, 17 September 2020 – The tyre industry welcomes the European Commission’s ambitious goal to reduce greenhouse gas emissions by 55% by 2030. This announcement also affirms Europe’s determination to continue striving for more innovative and sustainable mobility solutions to advance common interests.

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Cabot Corp Reports Third Quarter Fiscal 2020 Results

BOSTON–(BUSINESS WIRE)–Cabot Corporation (NYSE: CBT) today announced results for its third quarter of fiscal year 2020.

Commenting on the environment, Cabot President and CEO Sean Keohane, said, “Clearly the COVID-19 pandemic has had a dramatic impact on most companies and Cabot was no exception. The scale of this disruption is unprecedented, but I am proud of the way our global team has managed through the crisis. We’ve taken proactive steps to protect our employees while continuing to operate our plants to meet the dynamic needs of our customers while also carefully managing cash.”

 

 

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Auto supplier Magna’s sales beat as virus-hit vehicle production rebounds – Reuters

(Reuters) – Auto parts maker Magna International Inc (MG.TO) on Friday reported better-than-expected quarterly revenue and forecast full-year sales above estimates, as vehicle production in North America showed signs of a recovery from the COVID-19 pandemic. The company said it lost about $5.5 billion in sales during the second quarter, as its customers shut production amid government-enforced lockdowns.

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Conti rated as ‘buy’ for ‘best cost base’ in the tyre business

Following comparably strong second-quarter 2020 results, some financial analysts have confirmed their “buy” rating for Continental AG shares. The reason? Ongoing cost-cutting plans as well as “deep restructuring measures”. Writing in an investor’s note published on 7 August, Jefferies equity research suggested Conti’s planned spin-off of its Vitesco powertrain operation plays a key role in this strategy:

Read the source article at Tyrepress

Goodyear Reports Q2, First Half 2020 Results

The Goodyear Tire & Rubber Co. reported a 41% drop in sales and 45% decrease in tire unit volumes compared to a year ago in its Q2 2020 financial results, released Friday. 

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Continental swings to $980 million loss in Q2

Continental reported a second-quarter operating loss of 829 million euros ($980 million) as global vehicle production fell by 45 percent. The supplier said it could not give a detailed 2020 guidance because of the ongoing impact of the coronavirus pandemic.

Read the source article at Front Page

Italy’s Pirelli makes deeper cut to margin forecast after testing quarter – Reuters

MILAN (Reuters) – Italian tyre-maker Pirelli (PIRC.MI) on Wednesday cut its full-year margin forecast for a second time and scaled back its cash flow guidance after the COVID-19 pandemic delivered a quarter it said had tested it “more than ever”. The manufacturer of tyres for Formula One and high-end carmakers such as BMW (BMWG.DE) and Audi said the margin on its adjusted earnings before interest and tax (EBIT) would be around 12%-13% this year.

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Nokian Tyres Half Year Financial Report January–June 2020: Strong Balance Sheet Supporting In Difficult Times

Nokian Tyres plc Half Year Financial Report January–June 2020, August 4, 2020, 2:00 p.m.

January–June 2020

  • Net sales were EUR 550.5 million (756.1 in January−June 2019). With comparable currencies, net sales decreased by 25.0% especially due to COVID-19, measures taken to reduce high carry-over stocks in the Russian distribution channel, and mild winter in all main markets.
  • Segments operating profit was EUR 40.8 million (155.5), with no significant currency impact. The decline was driven by lower volumes and underabsorption of factory costs. EUR 54.6 million of expenses were booked as non-IFRS exclusions. Operating profit was EUR -13.7 million (148.0).
  • Segments earnings per share were EUR 0.16 (2.01, positively impacted by EUR 1.08 related to the rulings on the tax disputes). Earnings per share were EUR -0.16 (1.94; positively impacted by EUR 1.08 related to the rulings on the tax disputes).
  • Cash flow from operating activities was EUR -13.6 million (-89.8).
  • Guidance was withdrawn in March 2020 due to increased uncertainty in the car and tire market. Given the continuous uncertainties, the company refrains from giving a guidance for 2020.

 

Read the source article at Choose the right tyre

Hankook Tire Announces Financial Results for the Second Quarter of 2020

Seoul, Korea / Neu-Isenburg, Germany, August 3, 2020 – Premium tyre maker Hankook announced today the company’s financial result for 2020 Q2 with consolidated global sales of KRW 1.37 trillion (approx. 1.017 billion Euro) and an operating profit of KRW 70.1 billion (approx. 52.1 million Euro).

 

Read the source article at hankooktire-mediacenter.com

Michelin is demonstrating resilience through an unprecedented crisis

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124,000 125,400 1 Free cash flow: net cash from operating activities less net cash used in investing activities, adjusted for net cash flows relating to other financial assets, before distributions. 2 At period-end. Covid-19: impact of the health crisis on the Group’s financial position at June 30, 2020 Review of the information released by the Group during the first six months of the year On February 10, 2020, the Group issued its guidance for 2020 excluding any impacts from a systemic crisis caused by Covid-19. On March 18, 2020 at 6:10 pm CET, the Michelin Group …

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