Tokyo – Bridgestone Corp. has posted a sharp drop in earnings and revenue for 2016, as the Japanese yen gained strength and the cost of raw materials grew.
In its full-year financial statement on 17 Feb, the tire maker said its sales dropped 12% year-on-year to Yen3.3 trillion (€27.5 billion), with sales of tires showing a 13% decline to Yen2.7 trillion.
Bridgestone also registered an 8% decline in sales of diversified products to Yen585 billion.
Read the source article at European Rubber Journal
Feb 20 Yokohama Rubber Co Ltd, Japan’s third-biggest tyre maker, on Monday forecast a 12 percent increase in 2017 operating profit despite soaring prices of natural rubber and other raw materials. Asia benchmark rubber futures on the Tokyo Commodity Exchange (TOCOM) hit their highest in more than five years late last month, boosted by Chinese […]
The post Yokohama Rubber forecasts higher 2017 op profit despite soaring rubber prices appeared first on Global Rubber Markets.
Read the source article at Global Rubber Markets News
As a business leader and manager, you’re tasked with many of the same duties as professional politicians – building consensus, communicating a shared vision, dealing with the public and staying visible within your community.
And as a tire dealer, you have far more political expertise and influence than you may realize. Your voice, experience and wisdom are highly valuable to your community and your industry. From serving on boards and councils locally to speaking on industry issues before the House and Senate – even running for office – tire dealers have a reputation for getting involved.
Read the source article at Tire Review
SCOTTSDALE, Ariz.–(BUSINESS WIRE)– Carlisle Companies Incorporated (NYSE:CSL) reported record net sales of $893.5 million for the fourth quarter of 2016, a 2.0% increase from $876.2 million in the fourth quarter of 2015. Net sales from the acquisitions of Micro-Coax, Inc. (Micro-Coax) and Star Aviation, Inc. (Star Aviation) in the Carlisle Interconnect Technologies (CIT) segment, and MS Oberflächentechnik AG (MS Powder) in the Carlisle Fluid Technologies (CFT) segment, contributed a total of 2.0% to net sales in the fourth quarter of 2016. Organic net sales (defined as net sales excluding both sales from acquisitions within the last twelve months and the impact of changes in foreign exchange rates versus the U.S. Dollar) grew 0.5%. Fluctuations from foreign exchange had a negative impact to net sales of 0.5%.
“On January 31st we announced the acquisition of Arbo Holdings Limited (Arbo), a leading provider of sealants, coatings and membrane systems based in Belper, England. Arbo complements our leading position in EPDM (rubber) roofing systems in Europe and adds new products to our weatherproofing offerings used to improve the thermal performance of buildings. We are pleased to welcome the Arbo team to Carlisle.
Read the source article at cnbc.com
The report provides a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Non Tire Rubber market analysis is provided for the United States markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and Bill of Materials cost structures are also analyzed.
Read the source article at openPR.com
In Toyo Tire & Rubber Co. financial results for fiscal year 2016, the tiremaker reported decreased tire sales overall, but an increase in unit sales in the overseas replacement market.
According to the report, Toyo’s tire business net sales decreased 6.7% year-over-year to 381,635 million yen (approximately $3.34 billion) in 2016, while operating income decreased 21.7% to 45,405 million yen ($397 million). Toyo attributed this decrease in net sales to net to a strong yen and other factors.
Read the source article at Tire Review
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 preliminary financial results for the fourth quarter and 12 months ended January 1, 2017.
Based on preliminary financial information, the Company expects:
Full Year 2016
- Revenue of approximately $170.5 million, in line with previous guidance
- Adjusted diluted earnings per share of approximately $0.78, compared to previous guidance of $0.88 to $0.91, reflecting the extended assembly plant holiday shutdowns at various automotive OEM’s to correct excessive inventory of certain models during the fourth quarter, the impact of stronger US currency against our hedged Mexican peso position, higher employee health care costs, and the impact of an unexpected equipment failure at one of the Company’s plants
- Adjusted EBITDA of approximately $19.0 million, compared to previous guidance of $19.5 million to $20.0 million
Read the source article at PR Newswire
Michelin reports having met its financial objectives in 2016 and its chief executive officer considers the year “a successful milestone in our strategic roadmap.” The tyre maker’s sales volumes increased 2.1 per cent during the year, outperforming the market, and an increase in operating and net income was also recorded.
Read the source article at Tyrepress
SAN JOSE DEL CABO, Mexico (Feb. 13, 2017) — Hankook Tire America Corp. plans to step up its North American marketing efforts in 2017 as part of a strategy to grow in a marketplace that looks to remain relatively flat.
One important reason for the 40-percent increase to the marketing budget is the opening in 2017 of the company’s first U.S. tire plant, but also from a global perspective the U.S. market is becoming more and more important to Hankook, according to Hankook Tire America President and Chief Operating Officer Hee Se Ahn.
“So we made a decision to increase our overall funding for the U.S.A. market,” he told Tire Business Feb. 11 during an interview at the company’s 2017 U.S./Canada Partner’s Day in San Jose del Cabo.
Hankook has aspirations to grow 15 percent globally in 2017, Mr. Ahn said, and the U.S. subsidiary is looking to achieve that same goal.
Read the source article at Tire Business
Michelin (>> Michelin (CGDE)) said an upturn in mining sector demand for its outsize earthmover tyres will help to increase earnings this year, as the French tyre maker posted a 4.5 percent gain in operating profit for 2016.
The company recorded 2.69 billion euros (2.28 billion pounds) in recurring operating income, lifting the full-year operating margin to 12.9 percent from 12.2 percent.
Chief Executive Jean-Dominique Senard said 2017 would be “another year of growth in line with the group’s 2020 objectives”.
Under increasing competitive pressure, Michelin is pursuing cost cuts to defend profitability without losing ground to low-cost rivals. The group said it met a 1.2 billion-euro savings goal for 2012-2016 and is on track to do the same again by 2020.
Global demand for truck and so-called speciality tyres – for mining and agriculture – will pick up in 2017, the company forecast. Car tyre markets will approach last year’s 3 percent expansion, with South American sales back in positive growth.
High-margin earthmover tyres are rebounding after a third straight year of decline, Michelin said. “The trend turned upward in the fourth quarter,” the company added.
Weaker pricing reduced last year’s earnings by 438 million euros, almost absorbing a 545 million-euro gain from lower raw material costs. Michelin is now raising prices to cover an upturn in the costs of steel and rubber, natural and synthetic.
Revenue fell 1.4 percent to 20.91 billion euros on weaker pricing, despite a 2.1 percent increase in sales volumes. Net income jumped 43.5 percent to 1.68 billion euros.
The 2016 results narrowly beat expectations of 20.83 billion euros in revenue and 2.67 billion in operating income, based on the median of 12 analyst estimates in an Inquiry Financial poll.
Read the source article at Stock Market Quotes and News