25% Can’t Handle Big Car Repair Bill, AAA Survey Says
As tire prices continue to climb seemingly relentlessly, the AAA says that 25% of Americans don’t have the money to pay for an expensive car repair of any kind.According to the new survey, AAA found that cash-strapped Americans could not handle a $2,000 vehicle repair bill "if faced with one today." The survey also found
Margin Stable as Michelin Sales Increase
Groupe Michelin has released its first half financial results, showing stable operating income of 971 million euros for a 9.6% operating margin, with net sales up 21%. Michelin says the figures are in line with its corporate ìroad map, revising its full year sales volumes objectives upwards – after 12.6% market growth in the first
Analysts Sort Through Tiremaker Results
Despite the fact that both Continental AG and Groupe Michelin reports second quarter/first half pre9tax profits (EBIT) broadly in line with expectations, financial analysts have highlighted the "difference in momentum" between the two firms’ results. According to Morgan Stanley, the intraday spread between the two stocks was 600 basis points when the results were announced
Nankang Named a Top Taiwan Brand
Taiwan’s Bureau of Foreign Trade and the Taiwan External Trade Development Council have chosen Nankang Rubber as one of the country’s 100 most outstanding brands.
Pirelli to Keep an Eye on New Sky and BBC Deal
It was announced last week that in spite of excellent viewing figures and widely lauded coverage, Formula One has made a deal that will mean that only half the races will be shown live on the BBC from next season.
Michelin Sees First Half Sales Increase
Groupe Michelin has released its first half financial results, showing stable operating income of 971 million euros for a 9.6% operating margin, with net sales up 21%. Michelin says the figures are in line with its corporate "road map," revising its full-year sales volumes objectives upwards – after 12.6% market growth in the first half
Continental Looks for Higher 2011 Sales, Profit
Continental AG is raising its outlook for 2011, based on what it called "a very successful first half-year" that included double-digit growth rates for sales and EBIT. "We had previously forecast sales of more than 28.5 billion euros, but we are now expecting at least 29.5 billion euros. We are also targeting an adjusted EBIT
Tires Quite Positive For Pirelli Results
Positive tire sector demand was seen in Pirelli SpA’s results for the six months ending June 30. A full 99% of the Italian manufacturer’s group sales are made in the tire sector and the company reports that results from the first half of the year "demonstrate continuous growth and improvement of all economic indicators." In
Hankook Results ‘Disappointing’ to Deutsche Bank
tion, while higher sales in overseas territories had shown impressive growth, weaker sales in the profitable domestic market undermined consolidated profits. Looking forward to the second half of 2011, it appears Hankook will be raising its average selling prices, since Rana identified management’s strategy of offsetting raw material cost increases via ASP hikes in the
Analysts Praise Pirelli for ‘Fewer Tires, More Profits’
Following the publication of second quarter/first half 2011 financial results showing Pirelli SpA doubled net profits year-on-year, financial analysts have lauded Pirelli "over any other auto part or tiremaker in EU." Writing in an investor’s note published July 28, Morgan Stanley analysts attributed the tire manufacturer’s greater than 10% outperformance on second quarter pre-tax profit