Cooper Tire & Rubber Company Reports Third Quarter 2017 Results; Management Updates Guidance

FINDLAY, Ohio- Cooper Tire & Rubber Company (NYSE:CTB) today reported third quarter 2017 net income of $62 million, or diluted earnings per share of $1.18, compared with $49 million, or $0.90 per share, last year. The quarter included a $39 million benefit from lower product liability costs. For comparison purposes, the third quarter of 2016 included a non-cash pension settlement charge of $11.5 million related to the lump-sum distribution of benefits offered to certain former employees.

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Jefferies Group LLC Reiterates “Buy” Rating for The Goodyear Tire & Rubber Company (GT)

Tweet The Goodyear Tire & Rubber Company (NASDAQ:GT) ‘s stock had its “buy” rating reiterated by stock analysts at Jefferies Group LLC in a note issued to investors on Thursday. They presently have a $36.00 price target on the stock. Jefferies Group LLC’s price objective suggests a potential upside of 9.06% from the stock’s current price. GT has been the topic of a number of other reports.

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China’s rubber futures price crashes in September

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Shanghai, China – Natural rubber futures price on the Shanghai Futures Exchange (SHFE) went down by over 20% in September after rising since July, weaker than almost all other commodities traded on the exchange. The price has dropped from the high point at €2,183 (17,000 yuan) per tonne at the beginning of the month to […]

Read the source article at Global Rubber Markets News

Trinseo Announces Quarterly Dividend

BERWYN, Pa.–( BUSINESS WIRE )– Trinseo (NYSE: TSE), a global materials solutions provider and manufacturer of plastics, latex binders and synthetic rubber, today announced that its Board of Directors authorized a quarterly dividend of $0.36 per share. The dividend will be a cash distribution payable on October 24, 2017, to shareholders of record as of the close of business on October 10, 2017.

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Indonesia: Rubber farmers cry for help

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The government should look seriously into the grievances of rubber farmers who have been complaining about low prices over the last five years. True, the price of rubber, like most other commodities, such as palm oil, cacao and coal, is mainly influenced by global supply and demand, especially for Indonesia, which, as the world’s second…

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NR prices recover in August, deficit continues

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Kuala Lumpur – Natural rubber prices recovered from a dip in late July, thanks to favourable market fundamentals and supply deficit, the Association of Natural Rubber Producing Countries (ANRPC) has reported.

In its latest release on trends and statistics in August, the association said global NR production reached 8.038 million tonnes within the first eight months of the year. Consumption was estimated at 8.544 million tonnes.

Read the source article at European Rubber Journal

Pirelli to sell 40 percent stake in Milan market comeback

MILAN (Reuters) – Italian tyremaker Pirelli, bought by state-owned China National Chemical (ChemChina) two years ago, will sell up to 40 percent of its equity capital in an initial public offering as it plans to return to the Milan stock exchange in October.

The relisting of the world’s fifth-largest tyremaker will test demand for a streamlined firm that focuses on high-end consumer tyres, after the company’s less profitable truck and industrial tyre business was folded into a unit of ChemChina[CNNCC.UL].

A confidential study prepared by analysts at Banca IMI, one of the global coordinators for the IPO, valued the group’s equity at between 7.6 billion and 8.7 billion euros ($9 billion – 10.4 billion).

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Toyo Tire & Rubber : Tires to Divest a Major Part of Its Chemical Industrial Products Business

Hyogo, Japan – July 28, 2017 – Toyo Tire & Rubber Co., Ltd. (President & CEO: Takashi Shimizu, hereinafter “TTR”) has announced that, at the meeting of the Board of Directors held today, it was resolved to divest a major part of its Chemical Industrial Products business (excluding seismic isolation rubber for Construction),which is currently consolidated under TTR’s DiverTech Business Segment (hereinafter referred to as the “Divested Business”).

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Cooper Tire & Rubber Q2 earnings per share $0.85

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Aug 4 (Reuters) – Cooper Tire & Rubber Co * Cooper Tire & Rubber Company reports second quarter 2017 results * Q2 earnings per share $0.85 * Q2 sales $721 million versus i/b/e/s view $767.8 million * Q2 earnings per share view $0.74 — Thomson Reuters I/B/E/S * Qtrly consolidated unit volume decreased 0.5 percent compared with a year ago * Cooper Tire & Rubber Co – unit volume in u.s. Is expected to be in line with industry for second half of 2017 * Cooper Tire & Rubber Co – for full year 2017, unit volume growth is expected in international segment and …

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Apollo Q1 earnings sink, sales off slightly

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Gurgaon, India –  Apollo Tyres Ltd. suffered double-digit declines in operating and net income for the quarter ended June 30 on a slight dip in sales.

Apollo’s operating income for the fiscal 2018 first quarter fell 50.3% to $43.8 million on a 1-percent dip in sales to $505.9 million. Net income slid 72% to $13.7 million.

Read the source article at European Rubber Journal