Yokohama Posts Sales, Profit Improvements
During the 2011 fiscal year, net sales at Yokohama Rubber Corp. increased 11.4% year-on-year to 519.7 billion yen. Leading this sales growth were tires and hose, sealant and adhesive products, and the company reports it "reinforced its sales momentum" through successfully implementing price increases that offset the effect of rising raw material costs and the
Apollo Tyres Sales Up, But Profits Fall
Apollo Tyres Ltd. posted FY2010 sales of Rs 88.6 billion, up 9% from the year prior, while net profits fell to Rs 4.4 billion from Rs 6.5 billion the previous year. "This has been an extremely challenging year of spiraling raw material prices, especially natural rubber, and closures for over a quarter in one of
Record Sales for Monro, More Growth Seen
Tire and auto service chain Monro Muffler Brake reported record sales in fiscal 2011, with a same store increase of 4.2% for the year.Monro posted net sales of $636.7 million, up 12.8% compared to FY2010. Net income for fiscal 2011 increased 38.1% to a record $45.8 million. The company reported a gross margin of 40.4%
Michelin 2010 Recovery Stronger Than Expected
At the Groupe Michelin annual shareholder meeting on May 13, the manufacturer reported its position strengthened in every geographic area during 2010, particularly in mature markets. "Last year at this same time we were observing how the exceptional crisis of 2009 had had an impact on our business," observed Michelin managing partner Jean-Dominique Senard. "I
Debit Card ‘Swipe Fee’ Change Will Impact Dealers
Banks and retailers are facing off in Washington, D.C., over a plan to reduce so-called "swipe fees" charged on debit card transactions – and tire dealers will experience the changes.The fee reduction, scheduled to take hold on July 21, is part of the extensive financial reform legislation Congress passed last year. The law required “reasonable”
Gajah Tunggal Hits Profit High
Indonesia’s Gajah Tunggal has reported a net profit of Rp 332 billion in the first quarter of 2011, a 35% year-on-year and 182% quarter-on-quarter increase. This result is "well above" Deutsche Bank’s consensus (the bank’s equity research analysts comments that it is equal to 40% of consensus and 43% of its full year 2011 forecast).
Nokian Off to a ‘Flying Start’ in 2011
The quarter one results released by Nokian Tyres on May 6 show the group’s net sales to have increased 57.3% to 289.2 million euros in the three months to March 31, and profit up 211.1% year-on-year to 62.4 million euros. For the rest of 2011, the Finnish tiremaker anticipates operating profit, which during the first
Business Accounting: the Truth is in the Numbers
"Know the numbers…emotions don’t tell the whole story." I first heard this several years ago in a meeting with Bill Berry, president and CEO of American Tire Distributors. It struck home because it seems that so many tire dealers run their businesses by what they think is the right thing to do (emotions), and don’t
Conti Sees Sharp Sales, Profit Improvement
Continental AG said its first quarter sales rose 23% and profits climbed 63%, boosted by strong demand in auto component and tire segments. First quarter net income was 368.2 million euros, compared with 227.7 million euros a year ago, Continental said. Sales for the period were 7.35 billion euros or $10.92 billion, up from 6
Can Top Tire Brands Survive Constant Price Increases?
"If the majors think they can maintain their marketshare by brand name alone, I think they are mistaken." What do you think of that comment? Agree or disagree? Angry? Surprised? Unconcerned? Before you jump to conclusions and perhaps break out the sharp blades, let me set the table a little more. The statement came from