Tenneco Inc. wants to reward loyalty in a big way. That is why the company has launched the 2017 Expert Plus loyalty program for automotive service providers.
Cooper Tire & Rubber Co. released its third-quarter 2013 results on February 28. Despite a $168,000 loss attributable to the company, Cooper will report positive net income for the fourth quarter, according to Chairman, CEO and President Roy Armes.
Issues surrounding the failed "merger" with Apollo Tyres Ltd. had a significant negative impact on 3Q results, "and we anticipate some carryover of these negative impacts to a lesser degree in the near term,” he said. “Still, our business model remains resilient and we will report positive operating profit and net income for the fourth quarter and second half of 2013."
Through the first three quarters of fiscal 2013, Cooper posted net income of $91.4 million on net sales of nearly $2.6 billion. That compared to income of $147.4 million on sales of more than $3.1 billion for the same period last year.
Based on Armes' comments, Cooper will record net income of more than $91.5 million for fiscal 2013. As for net sales, they were down 24% in the third quarter compared to the same period last year. He said negative impact from the failed merger would carryover in the fourth quarter "to a lesser degree."
In the fourth quarter of 2012, Cooper recorded net sales of close to $1.1 billion. Modern Tire Dealer estimates the company will finish the year with nearly $3.5 billion in sales. That will make the company's income-to-sales ratio no worse than 2.6%.
Industry analyst Nick Mitchell, senior vice president of research for Northcoast Reseach Partners LLC, says Cooper's 3Q revenue, operating income and earnings per share fell well short of his firm's outlook and consensus estimates. (For more information on Cooper's 3Q 2013 financial results, click "Cooper reports 3Q loss.")
"While the strong sell-out trends in the replacement tire market in the U.S. during 4Q '13 likely provided an uptick in order trends for all manufacturers, including Cooper, we are maintaining our "Neutral" rating on the company's shares," he says. "We think the deterioration in the company's fundamentals over the past 12 months, including the price investments and steep market share losses in North America, will take longer to reverse than the market expects."
Cooper is expected to report its 4Q results later this month.
The January 2017 Facts Issue features a record 42 charts and graphs. That includes an expanded "Pricing and Sizes" section.
It looks like Cooper Tire & Rubber Co. will be the second tire manufacturer to announce a price increase or price increases three weeks into the new year.
Denso Products and Services Americas Inc. has added 14 part numbers to its selection of First Time Fit tire pressure monitoring system (TPMS) sensors. The new part numbers add coverage for more than 10 million European and Korean vehicles.
Directors of Goodyear Tire & Rubber Co. have declared a quarterly dividend of 10 cents per share of common stock. The dividend is payable March 1, 2017, to shareholders of record on Feb. 1, 2017.
Yokohama Tire Corp. (YTC) has named Jeff Barna chief operating officer. He will be responsible for sales, marketing and product planning.
Due to the Martin Luther King Jr. holiday, Modern Tire Dealer will not publish Hotwire on Monday. Look for the next edition on Tuesday, Jan. 17.
Blackburn OEM Wheel Solutions Inc. is extending its phone order assistance hours to better serve its growing customer base. The new hours are effective immediately.
Everything automotive can be found at the annual North American International Automotive Show. The 2017 edition is being held in Detroit from Jan. 7 through Jan. 21.
The Tire Industry Association (TIA) has finalized dates for two more of its Automotive Tire Service (ATS) Advanced Instructor classes in 2017.
Hercules Tire & Rubber Co. is adding four sizes to the Terra Trac AT II, giving the lineup 58 SUV and light truck SKUs, ranging from 15 to 20 inches.
Toyo Tire & Rubber Co. Ltd. is expanding its research and development space in White, Ga., to boost its North American business. The work is scheduled to be complete in 2017.
Hercules Tire & Rubber Co. beefed up its warranty program in three ways on Jan. 1, 2017. Road hazard coverage for mud tires and commercial traction tires is just one part of the expanded program.
The National Institute for Automotive Service Excellence (ASE) has named four officers to its board of directors and elected two people to its board of governors.
Michelin Group’s new Pilot Sport 4S has a Y speed rating (186+ mph) and offers a 30,000-mile warranty. The product line initially includes 35 sizes, in widths ranging from 225mm to 345mm, aspect ratios from 30 to 45, and rim diameters from 18 to 20 inches.