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.
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.