NR Pricing Pushes Apollo Results Down
During the most recent quarter, turnover at Apollo Tyres increased by just 3.2% to Rs 23.68 billion, modest growth that has been in line with growth throughout the first nine months of the current financial year. During the nine months to the end of last year, the company achieved net sales of Rs 61.38 billion,
Sales, Earnings Up at Sumitomo
Sumitomo Rubber Industries registered 2010 sales of 348 billion yen, up nearly 42% vs. 2009 results. The company reported that it managed a net profit of 14.3 billion yen for the year.
Michelin Appoints Senard to Succeed Rollier as CEO
Michelin & Cie. named Jean-Dominique Senard to succeed Michel Rollier as chief executive officer. The tiremaker also pledged to make the position more accountable to investors. Senard will receive a renewable four-year contract, subject to extension by the supervisory board, Michelin said. The move breaks the position’s traditional lifelong mandate.
Canadian Tire Sees Sales, Earnings Growth in 2010
Canadian Tire Corp. reported solid fourth quarter and full-year financial results, with consolidated retail sales up 2.4% in the quarter to $3.1 billion and rising 3.1% to $10.3 billion for the year. Basic earnings per share were $2.22 for the quarter, up 88.8% over 2009; full-year basic EPS was $5.56, up 35.6% from 2009. Operating
Kumho Petrochemical to Sell Share in Kumho Tires
Kumho Petrochemical aims to exit the debt workout program it has undertaken for the past year by the end of 2011, and to help boost its economic viability, the Kumho Asiana division intends to sell the million or so shares it holds in Kumho Tires. "As part of a consistent move, we will sell all
Tire Factory Set Sales Record in 2010
Northwestern dealer marketing group Tire Factory announced record comparable-store sales growth in 2010. According to CEO John Kreidel, comparable-store unit sales were up more than 20% and group member purchases were up more than 15% in 2010 vs. the year prior. Comparable-store sales and units are of those stores who have been a member of
Goodyear Announces 2010 Results, Plant Closure Plans
Goodyear Tire & Rubber Co. recently reported its fourth quarter and full-year 2010 financial results, as well as announcing it plans to close its Union City, Tenn., plant.The tiremaker saw a net loss of $177 million in the fourth quarter of 2010, compared with net income of $107 million in the 2009 quarter. Fourth quarter
Nokian Sees Strong Opportunity in 2011
A jaunty nautical appraisal of this year’s outlook greeted shareholders upon the release of Nokian Tyres’ 2010 financial statements. The man at the helm, president and CEO Kim Gran, stated that "a clear improvement in the drivers for demand in core business brought Nokian Tyres back to a strong growth track. The sails are now
Matador Sells Share in Ethiopian Tiremaker
Ethiopian newspaper Addis Fortune reports the sale of a majority share in the country’s sole tiremaker, Addis Tyre SC. According to "reliable sources" that spoke to the English language weekly, Matador AS has sold its 69% share in Addis Tyre to Horizon Plantations Ethiopia Plc. This completed purchase comes more than two years after the
Raw Material Impact Forces Home Country Hike for Yokohama
Analysts from Deutsche Bank commented that Yokohama Rubber Corp.’s third quarter operating profit margin declined two percentage points year-on-year to 11.9% because "price hikes offset only 2.7 billion yen of the 7.8 billion yen of impact to profits from rising natural rubber and other raw materials prices." They also observed that the company did not