Nexen Q1 earnings, sales up

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SEOUL, South Korea (May 20, 2014) — Nexen Tire Corp. reported a double-digit gain in operating for the quarter ended March 31 on 4.6-percent higher sales.

Operating income rose 12.8 percent to $50.4 million, while ordinary profit was up 2.4 percent to $40.8 million. Consolidated revenue rose to $424.3 million, as sales by the firm’s Chinese business unit jumped 7.8 percent while sales by the Korean unit dropped 2.7 percent.

Sales of high-performance tires jumped 13.5 percent, Nexen reported, and now account for 37.6 percent of net sales and 32.9 percent of unit volumes.

Nexen didn’t offer any commentary on the quarterly results.

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TB Reader Poll

Previous | Published May 22, 2015

When is the last time you attended one of the national tire industry trade shows, such as SEMA, ITEC or the North American Tire & Retread Expo?

I try and take in at least one show a year.
30%
I usually attend one every few years.
14%
There are so many tire maker and distributor meetings each year, I don’t see a need to attend one of the national shows.
12%
I don’t find value in these shows and haven’t been to one in years.
19%
I’d like to but I am too busy
25%