TBC's results hit record levels
MEMPHIS, Tenn.-TBC Corp. re-ported record sales and earnings in the third quarter as the company benefited from an expanded retail store network and improved same-store sales.
Unit tire sales were unchanged from a year earlier vs. an industry-wide shipments decline.
Net income in the quarter ended Sept. 30 increased 27.5 percent to $7.6 million while sales rose 5.9 percent to $295.5 million. Same store sales for the Tire Kingdom Inc. and Big O Tires Inc. retail stores increased 3 percent in the quarter.
Net income for the nine months grew 25.5 percent to $19.3 million, as sales rose 9.2 percent to $831.9 million. Same-store sales rose 5.2 percent in the period, and unit tire sales grew 5.3 percent compared with an industry decline, TBC said.
The company added it is confident it can generate earnings growth next year of 10 to 15 percent over 2002.
Snap-on posts 3rd qtr. results
KENOSHA, Wis.-Snap-on Inc.'s third-quarter sales dipped 1.1 percent from the same period in 2001 as lower sales in the company's dealer group offset higher sales in the commercial and industrial group.
Net earnings for the quarter soared to $19.2 million from $0.6 million during last year's third quarter. Snap-on said the increase in net earnings reflects lower special charges in 2002, benefits from Snap-on's restructuring and cost reduction initiatives, the elimination of goodwill and other intangible amortization, higher net finance income and lower interest expense.
For the nine months of 2002, net earnings doubled to $72.9 million. Net sales totaled $1.55 billion, down slightly from $1.56 billion in 2001.
Pirelli marketing dept. reorganized
ROME, Ga.-Pirelli S.p.A. has ex-panded the role of Peter Tyson, worldwide director of brand support based in Milan, Italy, to include responsibility for marketing activities for Pirelli Tire North America (PTNA).
Mr. Tyson's appointment as PTNA vice president of marketing communications is part of a reorganization of the company's marketing department.
PTNA also named Tim Tanner director of trade marketing. Mr. Tanner will be based in the unit's Rome, Ga., headquarters, reporting to Riccardo Cicchi, vice president of sales and marketing, and will be responsible for all promotional activities, product planning, pricing, Web site development and training.
The company also named Kevin Gilhuly, former director of marketing communications, as regional sales director for the Mid-Atlantic area.
Yokohama named ITE sponsor
FULLERTON, Calif.-Yokohama Tire Corp. will be the first tire manufacturer to sponsor the International Tire Exposition, to be held in conjunction with the Specialty Equipment Market Association show Nov. 5-8 in Las Vegas.
The sponsorship gives Yokohama a major presence at ITE and throughout the SEMA show floor as well. The title, awarded by the Tire Industry Association's leaders, mirrors the vehicle manufacturer sponsor of the SEMA show, according to Ross Kogel, TIA executive vice president.
Yokohama will be entitled to signage all around the South Hall of the Las Vegas Convention Center, outside of the show hall, kiosks and ``significant public relations opportunities,'' Mr. Kogel said. TIA said it will select a tire maker sponsor for ITE every year.
NHTSA upgrades valve stem probe
WASHINGTON-The National Highway Traffic Safety Administration has upgraded an existing investigation involving alleged tire valve stem failures on pickup trucks and vans made by Ford Motor Co.
So far NHTSA knows of 1,133 complaints involving the rubber valve stems, 1,085 of which were reported directly to Ford, the agency said in announcing the upgrading of the investigation from a preliminary evaluation to an engineering analysis. More than 450 of the complaints alleged the stems popped completely out of the rims, and four such incidents led to accidents in which a total of three persons were injured.
When the valve stem pops out, the tire deflates completely in less than 10 seconds, giving a motorist driving at 60 mph less than 880 feet to react to the problem, NHTSA said.
Besides complete loss, the valve stems also have been reported to pop out of the rims partially or to suffer cracks in the rubber part, both leading to slow leaks, the agency said. Ford declined to comment other than to say it is cooperating with NHTSA.