Financial News Archives - Page 9 of 108 - Tire Review Magazine
Conti Chief Calls 2012 Results ‘Best Ever’

At Continental AG’s annual press conference on March 7, CEO Elmar Degenhart described the company’s 2012 performance as “the best results in Continental’s 124-year history.”

U.S. Autoforce Acquires Wholesale Assets of Five Tire Dealers

U.S. Autoforce, based in Combined Locks, Wis., has acquired the wholesale assets of five tire dealerships: Foree Tire Distributors, Midstates Tire Distributors, Schiebout Tire, Shumaker Tire Inc. and Waukegan Tire. U.S. Autoforce, a unit of U.S. Venture Inc., closed the deal for Rochester, Minn.-based Midstates in late January. The company completed the acquisitions of Denver-based

Report: Chinese Investors Lean on NR as Loan Collateral

Reuters has reported that Chinese investors are stockpiling natural rubber to use as collateral for financing, actions the report said directly drove "prices to 10-month highs." Worse yet, the stockpiling could cause damage to that rubber, which can only be stored for limited periods. "The financing deals, which have pushed rubber stocks in China to

Canadian Tire Shows Positive 2012 Results

Canadian Tire Corp. posted 2012 sales of C$12.85 billion, up from 2011’s C$11.67 billion, despite a flat fourth quarter. Full year net income came in at C$499.2 million, up 6.9% year-over-year. “Overall, our family of companies has performed exceptionally well for the year and we generated nearly $13 billion in revenue, which is 10% higher

Record Sales Drive Cooper 2012 Performance

Cooper Tire & Rubber Co. saw a modest decline in net income for 2012, but posted record fourth quarter and full-year sales. For the year, Cooper listed sales at $4.20 billion, up from 2011’s $3.91 billion. The fourth quarter saw record period sales of $1.1 billion, 2% ahead of 2011’s final frame. Net income for

Bridgestone Calls 2012 Profits Up 67%

It turns out that 2012 was a good year for Bridgestone Corp. The Japanese tire and rubber products manufacturer achieved a 66.8% increase in net income during the period, taking in a healthy $1.99 billion. This jump in profit was achieved despite flat sales of $35.26 billion. Operating income rose 49.5% to $3.31 billion and

Toyo’s North America Sales Hold Steady in 2012

Toyo Tire & Rubber Co. saw net sales of 291,110 million yen in its fiscal year 2012, the period from April 1 through Dec. 31. Net income was 13,218 million yen. The Tire Business Unit posted net sales of 228,744 million yen and operating income of 13,014 million yen. In North America, “despite the impact

Sales, Income up in 2012 for Myers Industries

Myers Industries reported 2012 net sales of $791 million, up from 2011’s $755 million, and net income of $30 million compared to $24.5 million the year prior. Myers reported "strong sales performance in the Engineered Products and Material Handling segments more than offset sales decreases in the Distribution and Lawn & Garden segments. Gross margin

Yokohama Posts Record Sales and Earnings in 2012

Yokohama Rubber Co. posted record figures for net sales, operating income and net income in fiscal year 2012, ended Dec. 31, 2012. 2012 net income increased 187.3% over the previous year to 32.6 billion yen, on an 85.7% increase in operating income, to 49.7 billion yen, and a 0.3% increase in net sales, to 559.7

Nexen Posts Record Sales, Income

For the final quarter of 2012, Nexen Tire Corp. reported sales of KRW 411 billion, a year-on-year increase of 2.4%, KRW 24 billion in operating income, a 90.1% increase on Q4 2011, a 5.7% operating margin and net profit of KRW 21 billion, up 12.1% year-on-year. Commenting on these results, DB Equity Research Automotive analyst

More Details on Michelin North America Results

Buried in the mass of Groupe Michelin’s 2012 financial report news were some details about the performance of its Michelin North America unit. For 2012, MNA saw its OE consumer tire shipments improve by 16% vs. the year prior, while replacement consumer tire unit sales fell by 2%. On a global basis, MNA’s OE performance

Titan Makes Offer for Greater Stake in Wheels of India

In a very brief statement, Titan Europe has made an offer to acquire a larger share in Wheels of India. The subsidiary of Titan International currently holds a 37% stake in Wheels of India. India law requires Titan "to make an offer to buy out the remaining outstanding non-family owned shares, which is equal to