Tyre maker Michelin confirms 2018 guidance despite China slowdown

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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.

Read the source article at Stock Market Quotes and News

Goodyear Tire & Rubber : To Present At Morgan Stanley Investor Conference

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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.

Read the source article at Stock Market Quotes and News

Continental issues second financial warning this year

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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.

Read the source article at Front Page

Pirelli posts 7% profit despite lower sales

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Milan – Pirelli C & SpA has posted strong growth in earnings (adjusted EBIT before start-up costs) for the first six months of the year, despite a decline in sales.

In the six months to end of June, the Italian tire maker posted a 6.8% rise in earnings at €473.3 million compared with the same period last year.

The improvement, said Pirelli in a 7 Aug financial statement, is linked to internal levers such as price/mix and efficiencies, which “more than offset” an increase in the cost…

Read the source article at European Rubber Journal

Yokohama posts “highest-ever” sales and operating profit

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Tokyo – Yokohama Rubber Co. Ltd has posted a 32.3% year-on-year rise in operating earnings to $242.6 million on first-half sales 1.8% higher at $2.85 billion, the company announced 10 Aug.

YRC cited raw materials, exchange rate differences and the price/mix factor as reasons for the earnings improvement. Combined, these offset negatives such as lower tire unit sales volume and higher fixed costs.

Read the source article at European Rubber Journal

Earnings up 45% at Cabot rubber blacks unit

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Boston, Massachusetts – Cabot Corp. has reported a 45% year-on-year rise in earnings (EBIT) to $74 million at its Reinforcement Materials unit for its fiscal third quarter lifting margins 2 percentage points to 16%.

Higher earnings, said Cabot, were driven mainly by “continued…

Read the source article at European Rubber Journal

Cooper Tire second quarter income down 67%

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Findlay, Ohio — Cooper Tire & Rubber Co.’s operating income plummeted 61.1% year-on-year to $32.8 million on second-quarter sales down 3.1% to $698.4 million. Net income for the three months to 30 June fell 66.9% to $15 million, compared with the year-ago period.

Read the source article at European Rubber Journal

Goodyear Tire & Rubber Co. (GT) Ceo Rich Kramer on Q2 2018 Results – Earnings Call Transcript

AKRON, Ohio, July 27, 2018 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) today reported results for the second quarter and first half of 2018.

“We delivered strong operating performance in the quarter highlighted by impressive volume growth in our mature markets where we regained share, particularly in the more profitable 17 inch and greater rim sizes in the U.S. and Europe,” said Richard J. Kramer, chairman, chief executive officer and president. “Additionally, we achieved our price/mix and net cost savings goals for the quarter.”

Read the source article at Stock Market Insights

US automakers’ lower profits, see pitfalls for 2018

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Detroit’s automakers are profitable, but they face a turbulent second half of 2018. After second-quarter earnings reports Wednesday from all three domestic car companies, analysts and auto executives outlined mounting challenges in international markets, especially China, and the looming threat of President Donald Trump’s proposed 25 percent increase in tariffs on imported cars and parts, which could inflate prices across the board.

Read the source article at Detroit Free Press

Sales, Earnings Up at Yokohama in Q1 2018

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The Yokohama Rubber Co., Ltd., announced today its business and financial results for the first quarter (January to March) of fiscal 2018. Profit attributable to owners of parent increased 18.0% over the same period of the previous year, to 9.3 billion yen.

Read the source article at Tire Review