Financial
Replacement market tire demand continues to decline throughout Europe due to a "complex interplay" of factors, such as the continued increases in the cost of raw materials, energy, logistics and labor.
Pirelli's pre-tax operating income dropped slightly in the quarter ended Sept. 30 on 6.2% lower sales revenue, but Pirelli management nonetheless revised the firm's full year outlook up slightly.
Kumho Tire Co. Inc. reported a 147.1% jump in pre-tax operating income for the quarter ended Sept. 30 on flat sales,
Titan blamed the revenue drops on lower sales volumes caused by elevated inventory levels at customers in the Americas and lower levels of end customer demand in small agricultural equipment.
Toyo Tire Corp. reported double-digit gains in sales and earnings for the quarter and nine months ended Sept. 30, prompting company management to raise their expectations slightly for the full fiscal year.
Yokohama Rubber reported double-digit gains in sales and earnings for the quarter ended Sept. 30, with the newly incorporated Trelleborg Wheel System assets accounting for the increases.
Continental A.G.'s tire sector reported increased pre-tax operating earnings for the quarter ended Sept. 30 despite lower sales volume and revenue.
Sumitomo Rubber Industries has revised upward its earnings forecast for fiscal 2023 based on an easing of raw materials price rises and an improving sales mix.
Myers Industries reported a 6% drop in operating income for the quarter ended Sept. 30 on 13.3% lower revenue, declines attributed almost entirely to the firm's materials-handling business unit.
Goodyear's plan to divest its rights to the venerable Dunlop brand is among several impending changes in wide-ranging transformation plan Goodyear announced on Nov. 15.