Nokian Tyres: ‘Good development’ despite currency headwinds in Q1 2018

Although held back by exchange rate effects, net sales at Nokian Tyres were higher in the first three months of 2018 than a year earlier. Sales were up 3.1 per cent to 336.0 million euros; had the exchange rate effect been neutral, the tyre maker estimates that net sales would have increased 9.3 per cent year-on-year. Nevertheless, Hille Korhonen, president and chief executive officer of Nokian Tyres, referred to the result as “a good start of the year.”

Read the source article at Tyrepress

Kumho’s 2017 profits plunge as materials costs rise, OE volumes fall

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SEOUL, South Korea—Kumho Tire Co. Inc. suffered an 81.2 percent drop in pre-tax operating profit for fiscal 2017, on 2 percent lower sales.

Kumho’s earnings before interest, tax, depreciation and amortization (EBITDA) fell to $57.4 million on sales of $2.55 billion, according to the company’s fourth quarter investor relations documents. As a result, the operating ratio fell more than nine points to 2.3 percent. The operating result turned red to the tune of $139 million. Kumho did not report net earnings.

Read the source article at Rubber and Plastics News

Goodyear Reports 1st Quarter 2018 Results

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The Goodyear Tire & Rubber Co. has reported results for the first quarter of 2018.

“We are pleased with our first quarter results given higher raw material costs and weaker demand than we expected in the quarter,” said Richard Kramer, chairman, CEO and president. “These results were highlighted by our performance in the 17-inch-and-larger segment in consumer replacement, which delivered more than double the industry growth in the U.S. and Europe.”

Read the source article at Aftermarket News

Bibendum Builds Momentum As Michelin Becomes World’s Most Valuable Tire Brand

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Michelin has become the world’s most valuable tire brand following 30 percent brand value growth to $7.9 billion over the past year according to the latest Brand Finance report. It overtook Bridgestone (down 6 percent to $7 billion), which slipped from first to second place in the annual Brand Finance Tyres 10 ranking.

Read the source article at Aftermarket News

Trinseo sales and profit grow in 2017, more expected for 2018

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BERWYN, Pa.—Positive 2017 results are leading executives with materials maker Trinseo to increase guidance for 2018.

Read the source article at Rubber and Plastics News

Cooper Tire & Rubber posts Q3 2017 results

Cooper Tire & Rubber Company has reported a net income of US$62 million (diluted earnings per share of $1.18) for the third quarter of 2017, up 26.5 per cent from a year earlier.

Read the source article at Tyrepress

Cooper Standard to Host Conference Call on Nov. 1 to Discuss Third Quarter 2017 Financial Results

NOVI, Mich., Oct. 18, 2017 /PRNewswire/ — Cooper-Standard Holdings Inc. (NYSE: CPS) will hold a conference call on Wednesday, Nov. 1 at 9 a.m. ET. The Company’s Chairman and Chief Executive Officer Jeffrey Edwards and Chief Financial Officer Jonathan Banas will discuss Cooper…

Read the source article at PR Newswire

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

Italy’s Pirelli expected to price IPO at 6.5 euros a share – source

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Books for the share sale were due to close at 1200 GMT.

At 6.5 euros per share, Pirelli, which is offering up to 40 percent of its shares, would be valued at 6.5 billion euros (5.72 billion pounds)- well below a maximum valuation of 8.3 billion euros initially targeted when the offer opened last week.

Established in 1872 and one of Italy’s best-known corporate names, Pirelli is expected to return to the Milan stock exchange on Oct. 4 in one of the biggest IPOs in Europe this year.

Read the source article at Stock Market Quotes and News

Hankook Tire posts Q2 slump in earnings

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Seoul, Korea / Neu-Isenburg, Germany – Hankook Tire has posted a 34.4% drop in operating earnings for the second quarter on global sales 3.5% lower at €1.341 billion, the company announced 9 Aug.

The Korean tire maker linked the earnings decline, which saw operating profit fall to €163.9 million, was mainly due to higher raw materials prices.

On a brighter note, Hankook said quarter-on-quarter sales revenue had increased, with growth “outpacing the market.”

Read the source article at European Rubber Journal