Retail

Hankook’s sales dip in first quarter

Posted on April 30, 2014

Hankook Tire Co. Ltd. recorded consolidated sales of 1.67 trillion won for its first quarter ending March 31, 2014. That compares to sales of 1.68 trillion won for the same period last year.

Based on the exchange rate, sales in the first quarter totaled $1.5 billion, according to the company.

Operating income totaled 260.1 billion won, down 0.7% from a year earlier. The company did not release net income.

Although global sales fell 0.3%, the company says sales were brisk in the UHP segment across the global market.

Quarterly global sales in UHP tires have shown a 7.6% increase year-over-year, which accounted for approximately 29.1% of the company’s consolidated quarterly sales.

Hankook says the global sales increase in the UHP segment enhanced its brand equity as a premium tire company. By market, UHP tire sales were:  

* up 18.2% in China;

* up 14.4% in the Middle East and other Asia-Pacific regions;

 *up 4.4% in Europe; and

* up 3.6% in North America.

“Despite challenges arising from changing business environment, our widely recognized tire technology with advanced R&D capability has firmly solidified the foundation for growth, enabling robust financial results for the first quarter in 2014,” says Seung Hwa Suh, vice chairman and CEO.

Related Topics: Hankook Tire Co. Ltd. financials, Seung Hwa Suh

Comments ( 0 )
More Stories
Figure 1: Exploded view of a clamp-in style tire pressure sensor. Illustrations courtesy of General Motors Corp.
Article

TPMS: GM/Cadillac Escalade Series: 2007-16

The tire pressure monitoring system (TPMS) on 2007 to 2016 GM/Cadillac Escalade Series system uses the remote control door lock receiver (RCDLR), body control module (BCM), four radio frequency (RF) transmitting pressure sensors, and the serial data circuit to perform the sensor learn mode functions.

Falken Tyre Europe exhibited for the first time at the Geneva Motor Show in Switzerland.
Article

Innovative Tires and More: Manufacturers Speak Out at the Geneva Motor Show

The annual Geneva Motor Show in Switzerland is primarily a high profile car show presenting the very latest automotive technical advancements. It is also increasingly becoming a popular event in terms of tomorrow’s tire innovations, and once again most of Europe’s leading tire manufacturers were exhibiting this year.

Article

The Sales Counter Moved Again: And the Sales Floor is Now on the Smartphone

The sales counter just moved. Well, it didn’t “just-move,” it’s been moving. In my early days of selling tires at retail, it all happened in a small area at the store known as the sales floor. Consumers called or visited the store where the initial details of a potential sale were discussed. Today, the initial discussion is digital. The salesperson at the store had a great deal of control because the product and pricing information resided with the salesperson at the store. Today, there’s plenty of product and pricing information available to the consumer before they call or visit.

News

Yokohama's Spring Getaway Promotion Rewards Consumers

The new ultra-high performance Advan A052 is part of Yokohama Tire Corp.’s Spring Getaway promotion, which rewards consumers with a choice of a 2016-2017 Chelsea Football Club (FC) jersey or a $60-$80 Visa prepaid card for purchases of select tires.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!