Goodyear shares tumble as company reports net loss

Akron, Ohio — Goodyear reported double-digit drops in operating income and net losses for the quarter and fiscal year ended 31 Dec 2019, due to higher operating costs, one-time restructuring charges and tax “adjustments.”

Sales revenue was off for both periods as well, dropping 4.2% in the quarter to $3.71 billion (€3.4 billion) and 4.7% for the full year to $14.7 billion.

Read the source article at European Rubber Journal

Sumitomo to raise prices on select Falken lines

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RANCHO CUCAMONGA, Calif. — Sumitomo Rubber North America is planning to raise prices on select Falken-brand tire lines.

Read the source article at Tire Business

Passenger car tire demand weak, which truck tire sector impacted by rebound in low-cost imports

Brussels – European tire markets remained weak during 2019, according to the latest figures published by the European Tyre and Rubber Manufacturers’ Association (ETRMA).

Overall, passenger car tire sales saw figures fall both in the replacement and OE segments, ETRMA announced 21 Jan.

For the full year, replacement consumer tire sales fell 3% to 218 million units, while OE demand declined 5% to 85 million units.

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

TIA president reflects on ‘challenging’ term

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BOWIE, Md. — John Evankovich, who is set to conclude his tenure as Tire Industry Association (TIA) president, reflects on what he calls “a challenging year, but very fulfilling” year.

Read the source article at Tire Business

Pirelli cuts guidance, delays business plan in worsening scenario

Adding to a string of auto parts suppliers hit by prolonged industry weakness, Pirelli said it forecast a full-year margin on its adjusted earnings before interest and taxes (EBIT) between 17% and 17.5% versus an already lowered previous target of 18-19%.

Pirelli, which makes tyres for Formula One racing teams and premium automakers such as BMW and Audi, said in a statement it cut its guidance after facing greater fixed costs as it lowered production to reduce inventories.

Read the source article at Stock Market Quotes and News

Editorial: Green is new black for tire makers

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Despite the industry’s best efforts, it’s difficult to shake the common perception of a tire or a tire manufacturing plant.

The misconception starts and ends with the color black: A black product, manufactured using an environmentally unfriendly substance called carbon black, in a dank, dark facility.

As all of us know, that is far from the reality.

Today’s tire industry, like many other industries that have a far better consumer reputation, is highly efficient, environmentally conscious, sustainability driven and technologically cutting-edge.

Read the source article at Tire Business

Editorial: Keeping pace with evolving OTR industry

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Today’s off-the-road (OTR) tire market is growing steadily — though maybe not in the farming sector this year — and tire manufacturers continue to up the ante in terms of tire performance.

Read the source article at Tire Business

Michelin raising tire prices for fourth time this year

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GREENVILLE, S.C. — Michelin North America Inc. (MNA) has announced a price increase for the fourth time this year, announcing that it will increase prices up to 4.9% for Michelin, BFGoodrich, Michelin Retread Technologies and Oliver brand truck tire and retread products in the U.S. and Canada.

Read the source article at Tire Business

GfK: Summer tire sales rise 14% in 2019

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NEW YORK — Summer tire sales from independent tire dealers increased 14% in the first half of 2019, compared to the same period in 2018, according to point-of-sale data from research and analytics firm GfK.

“With 1.8 million units sold, summer tires have accounted for $291 million in revenue so far this year,” GfK said in an Aug. 27 release.

 

Read the source article at Tire Business