Virginia Dealer Named Home Town Hero
Washington, D.C.-area tire dealer Matt Curry was honored as a "Home Town Hero" during the recent Network for Teaching Entrepreneurship (NFTE) award gala.Curry, founder and president of Curry’s Auto Service, headquartered in Sterling, Va., was nominated for the award by NFTE board member John Hasenberg, senior vice president and financial advisor with the Hasenberg Hartsock
Q1 Puts Pirelli on Track for Big Year
Results for the first three months of the current financial year show Pirelli SpA revenues increasing 23.4% year-on-year to 1,401 million euros and a 43.3% growth in the company’s gross operating result to 203.4 million euros. EBIT before restructuring charges was 146.5 million euros, compared with 90.2 million euros in the first quarter of 2010,
Pep Boys Buys Big 10 Tires
Philadelphia-based Pep Boys, which recently wrapped up the purchase of seven Big O Tire stores in the Pacific Northwest, has purchased the 85-store Big 10 Tires Chain in the southeast. Terms of the transaction were not disclosed. “This acquisition furthers our stated strategy to grow through service and tire centers,” said Mike Odell, Pep Boys
Power Assist: Servicing Saturn VUE Hybrids
General Motors’ first foray into hybrid technology came in 2007 with the introduction of a hybrid version of the Saturn VUE.The hybrid version of the VUE was initially referred to as the “Green Line” model because of its improved fuel economy: 25 mpg city and 32 mpg highway versus 22/27 for the regular version of
Q1 Good to Goodyear, Sales and Profits Up
Goodyear Tire & Rubber Co. reported record sales and higher unit volumes for the first quarter of 2011 – and a net profit for the quarter. Goodyear’s first quarter 2011 net income was $103 million, up from a net loss of $47 million for the same period in 2010. “I’m very pleased with our outstanding
Sales Up, Profits Down at Titan
Titan International reported first quarter sales of $280.8 million, up 43% year-over-year from $196.4 million posted in 2010. The sales increase, according to Titan, came off stronger OTR and ag tire sales. Still, Titan ended up with a net loss of $3.03 million, down from 2010’s $2.07 million profit.
Conti Sales Up 20% for Q1
Continental AG posted improved results for the first quarter of 2011, racking up sales of 7.3 billion euros for the period. That result was up about 20% year-over-year, and well ahead of analyst estimates. Pre-tax profits for the quarter reached 634 million euros, Continental reported. “2011 began as we expected, despite the natural disaster in
Hercules Names New CFO, Promotes Old One
Hercules Tire & Rubber Co. has appointed Jeff Marshall as its new CFO after current CFO Vic Siewert was named senior vice president of planning and administration. Marshall brings with him nearly 20 years experience in finance, operations, sales and marketing, with an emphasis on operating businesses in a private equity environment. He comes from
Michelin Q1 Up, Says More Price Hikes Coming
Groupe Michelin posted a 28% increase in sales year-over-year for the first quarter. The tiremaker reported net sales for the quarter of $7.37 billion, ahead of analyst predictions. The sales boost came even as Michelin had raised tire prices against rising raw material costs. Newly minted CEO Jean-Dominique Senard said Michelin would continue to be
Cooper Sales, Profits Up in Q1
Cooper Tire & Rubber Co. posted a net profit of $16 million for the first quarter of 2011, a 25% rise over the same period last year. That mark came against sales of $906 million for the quarter, up 20% year-over-year. Increased raw material costs rang up $164 million for the quarter, Cooper reported. Cooper’s