Hankook Tire Co. Ltd. posted income before taxes of 3.1 trillion won on net sales of nearly 17.3 trillion won for the second period ended June 30, 2017. That compares to income of 2 trillion won on sales of 16.4 trillion won for the same period in fiscal 2016.
Steep increases in raw material prices dropped Apollo Tyres Ltd.'s first-quarter net profit by 72%.
For the second time this year, Trelleborg Wheel Systems America Inc. plans to raise prices on its agricultural, forestry, industrial and construction pneumatic tires. The need for the increases was "driven by higher raw material costs."
Both net sales and tire volume were up for the first half of Groupe Michelin's 2017 fiscal year ended June 30. However, consumer and truck tire margins were down.
Titan International Inc. has broken an 18-quarter streak of successive drops in net sales. For the first quarter of 2017, the company recorded sales of $357.5 million, up 11% from $321.8 million a year ago.
Rising raw material costs significantly affected Cooper Tire & Rubber Co.'s financial results for the worse in the first quarter of 2017.
Trelleborg Wheel Systems will raise prices on its agricultural and forestry tires in North America by 8% effective April 1, 2017.
Cooper Tire & Rubber Co. posted net income of $69.3 million on net sales of $783.9 million for its fourth quarter ended Dec. 31, 2016. That compares to income of $59.2 million on sales of $775.5 million for the same period in 2015.
Giti Tire (USA) Ltd. will increase prices on GT Radial brand tires in the U.S. and Canada, effective April 1, 2017.
Tire makers worldwide are citing rising raw material costs as the driver of their price increases. Goodyear Tire & Rubber Co. painted a picture of just how extreme the increases have been so far — using words like “volatile” and “unpredictable."
Apollo Tyres Ltd. posted net profit of nearly 3 billion rupees on net sales of 34.3 billion rupees for its third quarter ended Dec. 31, 2016. That compares to profit of 2.8 billion rupees on sales of 29.3 billion rupees for the third quarter of Apollo's 2015-2016 fiscal year.
Now there are five. Bridgestone Americas Tire Operations LLC is the latest tire company to announce price increases in 2017.
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.