Trelleborg: Interim report and Year-end report 2020

“Strong end to the year – toward a better 2021”

“Like most companies in 2020, Trelleborg was impacted to a high degree by the ongoing pandemic. Priority was assigned to measures to protect our personnel, while we succeeded in offsetting the reduction in sales through a flexible cost base and structural improvements. Despite the circumstances, we were able to deliver a good result, with an improved operating margin and record-strong cash flow compared with 2019, for both the full year and the fourth quarter.

Our employees at all levels of the Group have made the best of a difficult situation and we have adapted our operations and way of working in line with the new reality in an exemplary fashion. Our decentralized approach enabled rapid operational action throughout the organization.

We closed 2020 with a strong quarter. Organic sales declined by 3 percent, meaning that demand continued to improve sequentially. We had a strong currency headwind, which accounted for a 7-percent fall in sales. Cost reductions and structural improvements during the year, combined with slightly better demand, led to the best fourth quarter to date for the Group, in terms of both EBIT and operating margin. This favorable result was achieved despite a negative currency impact on EBIT amounting to SEK 96 M. Cash flow was even stronger, namely the strongest ever for a single quarter.

That said, we continued to be affected by the Coronavirus pandemic. Local outbreaks…

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DuPont sees strong annual profit as auto sector recovers, signals more cost cuts | Reuters

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Oct 29 (Reuters) – Industrial materials maker DuPont on Thursday forecast full-year profit above Wall Street expectations as it kept a tight check on costs and benefited from a recovery in the automotive industry, one of it biggest markets. The company, which makes everything from brake fluid to fabric used in protective garments, has been cutting costs to battle weak demand in several industries due to the COVID-19 pandemic.

Read the source article at Business News

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.”

 

 

Read the source article at businesswire.com

USTMA Tire Shipment Forecast Ticks Up for 2020

As the U.S. economic downturn continues during the COVID-19 pandemic, the U.S. Tire Manufacturers Association (USTMA) projects 2020 U.S. tire shipments will decrease to 279.4 million units in 2020 compared to 332.7 million units in 2019. USTMA said its new forecast represents a small improvement of 5.8 million units from USTMA’s April 2020 forecast adjustment, which was the first preliminary estimate after the declaration of the COVID-19 pandemic.

Read the source article at Tire Review

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. 

Read the source article at Aftermarket News

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.

Read the source article at uk.reuters.com

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

Continental burns cash as Q2 sales slump nearly 40%

BERLIN — Continental suffered a nearly 40 percent year-on-year decline in group sales during the second quarter, causing the German supplier to burn cash and forcing it to refrain from providing an outlook for the year. Consolidated group sales declined by 39.8 percent to 6.62 billion euros ($7.6 billion), the company said Monday as it reported some results early. Operating margin was minus 9.6 percent and reported free cash flow was a negative 1.78 billion euros ($2 billion.)

Read the source article at Front Page