Goodyear posts double-digit income drops in Q3, year-to-date

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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.

Read the source article at Tire Business

Cooper Q3 operating income drops 35% on lower sales

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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.

Read the source article at Tire Business

Goodyear to Present at Morgan Stanley Investor Conference

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AKRON, OhioSept. 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.

Read the source article at PR Newswire

Central Europe slowdown impact Nokian results

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…

Read the source article at European Rubber Journal

Bridgestone downgrades fiscal forecast after 1st-half declines

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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.

Read the source article at Tire Business

Sumitomo earnings drop 39% but 2019 forecast unchanged

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KOBE, Japan — Sumitomo Rubber Industries Ltd. posted a 39.2% drop in operating profits for the half-year ended June 30 on 0.9% lower sales revenue.

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.

Operating income fell to $149.6 million on revenue of $3.9 billion, SRI said, resulting in an operating ratio of 3.8%, down from 6.3% a year ago.

Read the source article at Tire Business

Thai plant boosts Linglong profits

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.

Read the source article at European Rubber Journal

Zeon elastomers business hit by slow automotive

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.

Read the source article at European Rubber Journal

Hankook earnings drop 42% in Q2, sales up

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SEOUL, South Korea — Hankook Tire Co. Ltd. suffered a 42.2% drop in operating income for the quarter ended June 30 on 2.1% higher revenue, driven by increased sales of higher rim-diameter tires.

Read the source article at Tire Business

GM earnings Q2 2019 beats expectations

General Motors beat analyst estimates for the second quarter Thursday with strong sales in North America leading the way. Its stock gained 3% from Wednesday’s close of $40.34 a share. Here’s what GM reported against average analysts’ estimates compiled by Refinitiv: GM reported second-quarter net income of $2.41 billion or $1.66 per share, compared with $2.39 billion or $1.66 per share a year earlier. Excluding one-time items, GM reported earnings of $1.64 per share.

Read the source article at cnbc.com