BERLIN — Continental is seeking deeper cost cuts after second-quarter net profit fell 41 percent, hit by lower vehicle demand in China and steep investments for electric and autonomous cars. “We are responding to the declining market by ensuring rigorous cost discipline and enhancing our competitiveness,” CEO Elmar Degenhart said in a statement. Net profit declined to 485 million euros ($543 million) while revenues were down 1 percent and came in at 11.26 billion euros.
HOUSTON—Citing a challenging macroeconomic environment, particularly in the automotive markets, Orion Engineered Carbons has revised it full year earnings forecast, lowering its anticipated earnings.
Hanover, Germany — Continental Corp. has registered a 17.1% year-on-year decline in earnings on flat sales for the first quarter of 2019.
Adjusted EBITDA fell to €884 million for the first three months of the year, while sales grew 0.3% to €11 billion, Continental said in a release 26 April.
The company statement did not offer a breakdown of the business performance of its various divisions.
CHICAGO (Reuters) – In the nearly 40 years she has spent in trade, Amy Magnus has never seen retailers hoarding so much inventory. Warehouses throughout the United States are at record capacity with Chinese imports of all kinds – microwaves, vacuum cleaner filters, swimwear, furniture – stacked to the ceiling, according to Magnus, who heads the National Customs Brokers & Forwarders Association of America, whose members work with over 250,000 importers and exporters.
Tire Business talked with Darren Thomas, senior vice president of sales and marketing for Falken Tire Corp., a unit of Sumitomo Rubber North America Inc., about his thoughts on the tire industry and how his company is performing heading into the second half of the year.
PARIS (Reuters) – French tire maker Michelin reported higher profits for 2017 while warning of a likely hit from foreign exchange movements.
Net income rose 1.6 percent last year to 1.693 billion euros (1.52 billion pounds), the company said on Monday. Analysts polled by Inquiry Financial for Reuters had given a median net income forecast of 1.67 billion euros.
Akron, Ohio — Goodyear suffered double-digit drops in segment operating income for the quarter and fiscal year ended 31 Dec and reported a tax-reform-related net loss for the quarter.
Goodyear cited elevated raw materials costs and the “unfavourable” impact of reduced production volumes on costs for the operating earnings declines, and said the fourth quarter loss was driven by a $299 million (€244 million) one-time, non-cash tax charge related to US tax reform.
All Avon Rubber (AVON) needs to do is not mess up, to prosper. It should make a good long-term investment. Perennially on my watchlist, I’ve decided to add Avon Rubber to the Decision Engine.
On a sunny afternoon in early October, I drove across a parking lot in Ann Arbor, Mich., and down a sloping road to a second, private lot. A fence lining the lot’s perimeter was covered in black fabric, as if to deter snoops. Behind it was a 32-acre Potemkin village. There were paved roads with names and signs: Liberty Street, Main Street, Wolverine Avenue. There was a traffic roundabout, a covered underpass and a railroad crossing.
AUBURN HILLS, Mich., Nov. 9, 2017 /PRNewswire/ — Unique Fabricating, Inc. (“Unique” or the “Company”)(NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced its financial results for the third quarter ended October 1, 2017.
Third Quarter 2017 Financial Highlights
- Revenue of $41.2 million in the third quarter 2017, down 7.9% compared to $44.8 million in the third quarter 2016
- Net income of $0.7 million, or $0.07 per basic and diluted share…