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.
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.
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.
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).
The Yokohama Rubber Co., Ltd. posted a 90.4% decline in operating profit (1.2 billion yen, or about $11 million; down from 2019’s 12.878 billion yen, or about $120 million) in the first quarter of 2020.
The company also posted a 258 million yen (about $2.4 million) loss in Q1, compared with 9.1 billion yen (about $85 million) in profit in the same period of the previous year.
Feb 4 (Reuters) – Finnish tyre maker Nokian said on Tuesday its fourth-quarter operating profit fell 13.8% year-on-year to 101 million euros ($111.6 million), above the average 98.7 million expected by analysts in a Refinitiv poll. . Shares in the company initially rose 3.2% following the report but dropped to around -0.9% by 1300 GMT, having hit a more than four-year low at the end January when the company gave a gloomy outlook for 2020.
SEOUL, South Korea — Hankook Tire & Technology Ltd. reported a 3.2% drop in pre-tax operating income for the quarter ended Sept. 30 on 4.4% higher sales, citing “weakened consumer confidence caused by the global economic downturn” for “intensified tire market sales competition.”
Boston, Massachusetts – Cabot Corp. has posted a 4.8% decline in earnings for its reinforcement materials segment for the financial year ended 30 Sept, due mainly to the challenging Chinese business environment.
Earnings for the segment, which supplies rubber and speciality carbon blacks for the rubber and plastics industries, fell to $266 million (€240 million) during the 12-month period, on 22.5% higher sales of $1.8 billion, Cabot reported 5 Nov.
PARIS — Michelin Group reported a 10.4% increase in sales revenue for the nine months ended Sept. 30 despite lower sales volumes in the consumer and commercial tire segme
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.