Hankook Reports Q2 Results

Hankook Tire Co. has released its financial results for the second quarter of 2017, announcing sales totaling $1.48 million and an operating profit of $266.7 million.

Hankook had a 1.7% increase in sales during its second quarter, compared to the previous quarter; however, its operating profit saw a decrease of 12.3%, which can be attributed to the rising cost of raw materials. Compared to the same period last year, there was a 3.5% decrease is overall sales and a 34.4% decrease in operating profit.

Nevertheless, Hankook saw a quarter-on-quarter sales revenue increase with growth outpacing the market and a continuous increase in sales of the UHP tires. UHP tire sales accounted for 36.9% of total sales during the second quarter.

Q2 2017 Consolidated Financial Result

(Unit: Million USD) Q2 FY 2016 Q1 FY 2017 Q2 FY 2017

Sales 1,484.9 1,420.1 1,475.8

Operating Profit 266.7 201.2 180.4

The Goodyear Tire & Rubber Company has named Ryan Waldron as president of the company's Americas business unit, reporting to Chief Executive Officer and President Mark Stewart. He succeeds Steven R. McClellan, who retired on April 1.

"At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results," Stewart said. "I am thrilled to announce him as president of Goodyear's Americas business and have enormous confidence that under his leadership, both the company and our customers will reach even greater levels of success."