TRELLEBORG, Sweden—Trelleborg has reported a 6.4 percent year-on-year decline in earnings for the third quarter of 2019, despite higher sales.
Adding to a string of auto parts suppliers hit by prolonged industry weakness, Pirelli said it forecast a full-year margin on its adjusted earnings before interest and taxes (EBIT) between 17% and 17.5% versus an already lowered previous target of 18-19%.
Pirelli, which makes tyres for Formula One racing teams and premium automakers such as BMW and Audi, said in a statement it cut its guidance after facing greater fixed costs as it lowered production to reduce inventories.
AKRON — Goodyear reported double-digit declines in operating income for the three- and nine-month periods ended Sept. 30 on the negative effects of lower sales volumes, higher raw materials costs and other factors.
FINDLAY, Ohio — Cooper Tire & Rubber Co. posted double-digit drops in operating income for the three- and nine-month periods ended Sept. 30 due on part of the negative effects higher costs related to U.S. import duties on Chinese products and higher manufacturing costs.
AKRON, Ohio, Sept. 3, 2019 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) today said it will webcast its presentation at the 2019 Morgan Stanley Investor Conference in Laguna, California, on Sept. 11, 2019.
Darren R. Wells, executive vice president and chief financial officer, will provide a business overview. A live, audio-only webcast of the presentation will be available at 12:20 p.m. EDT (9:20 a.m. PDT) on the company’s investor relations website: http://investor.goodyear.com. A replay of the webcast will be available following the event.
Nokia, Finland – Nokian Tyres plc has reported a 12.5% year-on-year decline in first half operating profit at €148 million, on 0.3% lower sales of €763 million.
The Finnish tire maker linked the decline in sales to weak car and tire sectors in Europe, which offset gains in the heavy tire segment during the first six months of the year.
“The competitive landscape in the Central European replacement car tire market is tight due to weakness in the OE segment, as there is a high supply of…
TOKYO — Bridgestone Corp. has revised downward its earnings and sales forecasts for the full fiscal year after reporting a 20.6% drop in first-half operating income along with lower sales.
SRI cited the negative impact of foreign exchange rates, increased fixed costs and expenses, and higher prices of raw materials — particularly petroleum-based ones — for the earnings decline.
Yantai, Shandong – Linglong Tire’s first half net profit increased 38% year-on-year to €92 million (725 million yuan), on 15% higher revenue at €1.05 billion.
The company’s Thai plant, at the sixth year of its eight-year tax exemption period, generated €60 million net profit on €287 million revenue, said the tire maker in half year report released in August.
Tokyo, Japan – Zeon Corp.’s elastomers business has reported weaker first quarter results, on sluggish automotive demand and plant shutdowns.
Net sales for the elastomers segment – comprised of ‘rubbers’, latex and chemicals segments – fell 8% year-on-year to Yen47.1 billion in the three months to end of June, the Japanese materials supplier announced 31 July.
Similarly, sales volume fell 8% to 147 kilotonnes, as all business units reported a decline.