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Even With Slight Sales Drop, Pirelli Posts 2009 Profits
March 11, 2010
Pirelli SpA's Pirelli Tyre unit attained revenues of 3,992.9 million euros during 2009, a 2.6% reduction on a year earlier.
But despite this slight decrease, sales in the fourth quarter leapt 18.7% – an organic growth of 13.9% – to 1,034.3 million euros.
In the fourth quarter, EBITDA before restructuring charges stood at 155.2 million euros compared with 62.9 million euros in the ...
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Titan Doubling Common Stock
March 05, 2010
Titan International’s shareholders voted to double the company’s common shares offered on the stock market.
The board revised Titan’s articles of incorporation to increase the number of common stock shares form 60 million to 120 million. Titan said 86% of shareholders voted in favor of the move.
Titan chairman and CEO Morry Taylor said the new shares will “allow the...
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Raw Material Cuts Gave Michelin 2H Help
March 04, 2010
Financial analysts responded positively to Groupe Michelin’s 2009 results, describing second-half 2009 financial position as a “major positive.”
However, some key coverage decided against giving forward-looking outlook advice, citing fluctuating raw material costs (specifically natural rubber) as their reasoning.
Writing in an investor’s note dated Feb. 12, Morgan...
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Doubling Pre Tax Profits, Euro Car Parts Thinks Big
March 04, 2010
Aftermarket parts supplier Euro Car Parts has reported pre-tax profits of over £17 million in 2009, two and a half times the £6.6 million figure it reported in 2008.
According to the company, this has been achieved through partnerships with many leading original equipment brands. In 2009, ECP entered into a long-term agreement, which added TMD's Pagid friction brand to a portfolio, which...
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Adjusted 2009 Earnings Forecast for Lanxess
March 02, 2010
German specialty chemicals manufacturer Lanxess AG has adjusted its earnings forecast for 2009 after preliminary unaudited results revealed what it calls a “significantly better than expected” fourth quarter.
The company now expects to achieve pre-exceptional EBITA of 450-470 million euros for full year 2009 after previously forecasting 400-420 million euros upon the publication of...
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Cooper Runs Against Grain, Posts Plus Numbers for 2009
March 02, 2010
Bucking an industry-wide trend toward negative results, Cooper Tire & Rubber Co. posted plus-side profits for 2009. And its year sales, while down, fell just 4% vs. 2008 results.
For 2009, Cooper generated $2.8 billion in sales and net income of $52 million, up substantially from a net loss of $219 million posted for 2008.
The tiremaker reported net income of $39 million for the fourth quarter...
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Down Market Gives Titan $300 Million Sales 2009 Drop
February 25, 2010
Extended OEM shutdowns and downturns in its core markets led Titan International to a $300 million sales fall-off in 2009.
Titan posted 2009 sales of $727.6 million, as compared to $1,036.7 million in 2008. Net loss for the year was $24.6 million, compared to net income of $13.3 million in 2008.
Sales for fourth quarter 2009 were $146.5 million, as compared to $258.6 million in the fourth quarter...
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Myers Sees Profits for 2009, Improved 4th Quarter
February 25, 2010
Myers Industries posted improved profits for 2009, even against lower sales for the year.
The Akron-based company saw 2009 sales of $701.8 million, down 4% vs. 2008’s sales of $813.5 million. Profit, though, came in at $7 million for the year, up from 2008’s loss of $45.7 million.
Things improved in the fourth quarter, Myers said, with quarterly sales at $188.3 million, up 5% y...
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Rhodia Silcea Sees19% Sales Fall in 2009
February 25, 2010
Rhodia Silcea has reported a 16% drop in net sales volume during 2009 to 635 million euros, with the first half of the year marked by the global crisis and ensuing de-stocking in the automotive and several other sectors.
By the second half, however, volumes began to recover, says Rhodia, driven by demand in emerging markets and the dynamics of the automotive industry. During the fourth quarter...
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After Brutal 2009, Conti Looks to Growth This Year
February 23, 2010
Despite an overall upbeat tone, the word “crisis” has featured strongly during Continental AG’s reportage of its 2009 financial performance on Feb. 23, a likely indication of the extent to which the German automotive supplier was affected by last year’s market downturn.
Continental posted a net loss of 1.65 billion euros ($2.2 billion), compared with a loss of 1.1 billion...
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Denman Says It May be Forced to Close
February 23, 2010
Troubled Denman Tire Corp. announced this afternoon that it may close.
The 90-year-old OTR and industrial tiremaker is still seeking a buyer, but has put the wheels in motion to shutter its entire operations, including its plant in Leavittsburg, Ohio, and warehouse in Austintown, Ohio.
In a statement released by the company today, Richard Szekelyi, restructuring advisor, said, “Unfortunately...
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Goodyear Pension Plans Underfunded, Magazine Says
February 22, 2010
Pensions & Investments magazine reports that Goodyear’s pension plan is badly underfunded, and that the tiremaker will contribute between $275 million and $325 million to its global pension plans in 2010.
Goodyear had contributed $430 million to its plans in 2009, the magazine reported.
In its most recent 10-K report, Goodyear said it had $3.4 billion in assets and $5.3 billion in...
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Goodyear Sees Huge Sales, Profit Fall in 2009, Even With Stronger 4Q
February 22, 2010
Despite a solid showing in the fourth quarter, Goodyear still saw 2009 sales fall off by more than $3 billion and net profits drop some $300 million year-over-year.
Driven by significantly lower tire volumes in North America and Europe, the tiremaker said its overall global sales for 2009 came in at $16.3 billion, down dramatically from 2008’s $19.5 billion. Net profits for 2009 were a net...
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2009: Bridgestone Posts 20% Sales Drop, 90% Profit Fall
February 19, 2010
Bridgestone Corp. reports that 2009 presented the company with a “challenging” operating environment due to weakened consumer spending and declines in private sector capital investment, which counteracted signs of recovery among some exports.
However, the Japanese manufacturer states that although the economic recession in Europe and the U.S. continued, some sectors showed signs of...
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Trelleborg Wheel Systems Sales Down for 2009
February 18, 2010
Trelleborg AB reports that its Trelleborg Wheel Systems division achieved net sales of SEK 2,991 million (₤263.6 million) during the previous financial year, a decrease of 19.3% on its 2008 result.
In releasing its figures for January to December, the Swedish manufacturer said, “organic sales declined 26%, exchange-rate effects were 7% and structural changes 0%. Net sales are lower as a result...
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Michelin's Profits Down 71% in 2009
February 16, 2010
Michelin reported last week that it saw a decline of 71% in its 2009 profits due to decreased sales to automakers and trucking companies, in addition to a rise in reorganization costs. Sales fell 9.8% to 14.8 billion euros.
Net income fell to 106 million euros ($145 million) from 360 million euros in 2008, short of the 121 million euros expected by analysts. The French company gave no outlook for...
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Sumitomo: Sales Down, Net Income Increased
February 16, 2010
Sumitomo Rubber Industries' consolidated financial results for the year ended Dec. 31, 2009 show the company to have earned net sales of 524,534 million yen (₤3.71 billion) during the year, a decrease of 13.3% on the previous year.
From this, the company’s total tire segment sales amounted to 433,471 million yen (₤3.07 billion), or 82.64% of all sales. Company operating income, at 28,738...
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Nokian Geared for Growth in 2010
February 11, 2010
Nokian Tyres Group’s net sales in 2009 were 798.5 million euros, a 26.1% decline from 2008’s 1.08 billion euros. Cash flow from operations improved to 123.1 million euros, up from 9.5 million euros in 2008.
“Eventually, after taking decisive action in a tough market we achieved quite satisfactory results in 2009. The launch of our new winter tire, Hakkapeliitta 7, has been...
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China Buys up Stock in U.S. Firms
February 10, 2010
Following a buying spree in 2009, China’s giant sovereign wealth fund revealed it has accumulated stakes totaling $9.6 billion in major U.S. companies including Coca-Cola, Apple and Goodyear.
The holdings, which were disclosed last week in a U.S. Securities and Exchange Commission filing, are mostly small, reflecting China Investment Corp.'s strategy of avoiding politically sensitive acq...
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Creditor Support Boosts Kumho Asiana Shares
February 10, 2010
Messages of support from major creditors such as Korea Development Bank and a restructuring plan have led to shares in the Kumho Asiana Group – which includes Kumho Tire – experiencing a jump of up to 15% in Tuesday trading, say Reuters reports.
The state-run bank helped the company to suppress ideas that the Group could be heading for court receivership. The gains outpaced a general ...
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