BOSTON—Cabot’s reinforcement materials segment, which includes its rubber carbon black business, has posted a 33 percent year-on-year growth in full-year earnings (EBITDA) to $350 million.
The Board of Directors at Nokian Tyres has set new financial targets for 2019-2021. These targets include faster than market growth of more than five per cent CAGR, EBIT at 22 per cent and a shareholders’ dividend of more than 50 per cent of net earnings. Nokian says the financial targets will guide the company in reaching the strategic ambitions it set in early 2018, which include increasing sales by 50 per cent in Central Europe and doubling them in North America within the next five years.
Tokyo – Bridgestone Corp. has seen its operating income decline 3% to Yen290.8 billion (€2.25 billion) in the first nine months of 2018, compared to the same period the year before.
The Japanese tire and rubber company reported a 0.4% increase in net sales for the period at Yen2.67 trillion in its third quarter results published 8 Nov.
Sales in the tire division rose 1% compared to 2017 to Yen2.22 trillion, while diversified products’ sales remained flat at Yen466 billion.
Tokyo – Zeon Corp.’s elastomer business has seen operating profit fall 16% year-on-year to Yen9.5 billion for the first six months of its financial year, ending March 2019.
In its half-year financial results 31 Oct, the Japanese materials supplier said rubber sales rose 1% to Yen7 billion despite a 1% decline in volumes at 175,000 tonnes for the period.
The business unit includes Rubbers, Latex and Chemicals.
The Goodyear Tire & Rubber Co. has reported results for the third quarter of 2018.
“We continued to improve the operating performance in our key mature markets, driven by strong volume growth, including significant increases in the more profitable 17-inch-and-greater rim sizes in the U.S. and Europe,” said Richard Kramer, chairman, CEO and president.
Moscow – Pirelli C & SpA and Russian state-owned Rostec have signed a €100-million agreement to double production at the Voronezh tire manufacturing plant, according to press.
Italian news agency Agenzia Nova reported 24 Oct that the agreement was signed during the Italian prime minister Giuseppe Conte visit to Moscow.
As reported by ERJ, Pirelli signalled plans to invest in the Voronezh tire plant last July, saying it aimed to double production capacity to 4 million units a year.
Akron, Ohio – Goodyear has lowered its expectations for fiscal 2018 operating income slightly “to reflect the increasingly challenging industry environment,” the company said in a third quarter financial statement.
For the quarter ended 30 Sept, segment operating income was down 1.3% to $362 million, while revenue inched up slightly to $3.93 billion, leaving the operating ratio unchanged at 9.2%.
Tyre makers such as Michelin and its rivals Continental and Goodyear have been hit by weaker demand in China, whose economy has been slowing, and the impact of adverse foreign exchange movements and commodity prices.
But Michelin said growth in Europe and north America meant it would stick to its overall 2018 financial targets.
Xavier Caroen, an analyst at French brokerage Bryan Garnier, said the statement would reassure investors that the French company had not been as badly affected as other tyre makers.
AKRON – The Goodyear Tire & Rubber Company today said it will webcast its presentation at the 2018 Morgan Stanley Laguna Conference in California on Sept. 14, 2018 . Richard J. Kramer , chairman, chief executive officer and president, will provide a business overview. A live, audio-only webcast of the presentation will be available at 11:45 a.m. EDT ( 8:45 a.m. PDT ) on the company’s investor relations website: http://investor.goodyear.com.
MUNICH — Continental’s disappointing sales in China and Europe forced the car-parts maker to cut its revenue forecast. In addition, the company said spending on new technology is weighing on profitability. Shares plunged the most since 2009. The world’s second-biggest automotive supplier expects revenue of 46 billion euros ($53 billion) for the year, excluding currency effects, 1 billion euros lower than a previous target, the Hanover, Germany-based Continental said Wednesday in a statement.