Goodyear Reports Q2, First Half 2020 Results

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. 

Read the source article at Aftermarket News

Continental swings to $980 million loss in Q2

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.

Read the source article at Front Page

Italy’s Pirelli makes deeper cut to margin forecast after testing quarter – Reuters

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.

Read the source article at uk.reuters.com

Hankook Tire Announces Financial Results for the Second Quarter of 2020

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).

 

Read the source article at hankooktire-mediacenter.com

Yokohama Posts 90.4% Operating Profit Loss in Q1

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.

Read the source article at Tire Review

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.

Read the source article at uk.reuters.com

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.

Read the source article at European Rubber Journal

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

Read the source article at Tire Business

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