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2014 Financials Start Rolling In, Results Varied

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Four global tiremakers reported their 2014 financial results earlier today, and most claimed higher sales and earnings compared to fiscal 2013.

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Leading off was Pirelli & C SpA, which posted 2014 sales of $7.31 billion, which was down from 2013’s $8.46 billion. But the tiremaker’s improved sales mix and earnings were driven by increased “premium” tire sales that were up 17.8% from the year prior. Pirelli’s earning before interest and taxes rose 6.8% to $1.02 billion.

Pirelli claimed a 2% improvement in tire sales volumes, with a 5% improvement in consumer tires and a -6.5% result in commercial tires.

Sweden’s Trelleborg posted 2014 sales of $2.88 billion, up 5% year-over-year. Net profit improved 35% YoY to $286.34 million. Its Trelleborg Wheel Systems unit posted sales of $533.63, down 1% from 2013, and an operating profit of $64.54 million, up 3% YoY.

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Toyo Tire & Rubber Co. posted net sales of $3.28 billion for 2014, up 6.4% from fiscal 2013, it said. Resulting operating income came to $396.23 million, an increase of 27.6% YoY, and net income came to $260.54 million, up a resounding 169.4% from its fiscal 2013.

Toyo’s tire unit saw sales of $2.60 billion, up 7.8% YoY, and operating income of $377.95 million, up 34.1% from 2013.

Yokohama Rubber Co. said its net sales, operating income and net income climbed to record levels in fiscal 2014, the third straight year of such improvements. Sales for the year rose to $5.22 billion, up 3.9%, resulting in $492.89 million in operating income (up 4.3% YoY), and $337.77 million in net income (up 15.7% YoY).

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The company’s tire unit contributed sales of $4.15 billion, up 3.8%, and operating income of $405.32 million, a 5.6% improvement from 2013.

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