Finnish tyre maker Nokian beats forecasts despite gloomy outlook – Reuters

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.

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Hankook earnings down 3.2% in Q3 despite higher sales

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.”

Read the source article at Tire Business

Cabot reports lower profits in challenging environment

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.

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Michelin revenue up 10% through nine months despite lower unit sales

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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

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Orion adjusts outlook on weaker automotive markets

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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.

Read the source article at Rubber and Plastics News

Conti earnings decline amid automotive slowdown

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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.

Read the source article at European Rubber Journal

Trump tariff war with China sends U.S. retailers on buying binge | Reuters

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.

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Sumitomo aims ‘to grow with whole of market’

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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.

 

Read the source article at Tire Business

Tire maker Michelin posts higher 2017 profits, warns of currency hit

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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.

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Goodyear suffers double-digit earnings drops, Q4 net loss

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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.

Read the source article at European Rubber Journal