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
News

NCTDA to Honor Dealers at 2017 Expo

The North Carolina Tire Dealers Association (NCTDA) will honor its 2017 Dealer of the Year and induct two new members into its Hall of Fame.

News

Discount Tire Expands in Houston Metropolitan Area

Discount Tire has added a store in Sugar Land, Texas. It is the third Discount Tire outlet in Sugar Land, which is part of the Houston metropolitan area, and the 12th location in Fort Bend County.

News

Denso Expands TPMS Sensor Coverage

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.

News

Goodyear Declares 21st Straight Dividend

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.

News

Hotwire Will Return After MLK Holiday

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.

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!