Titan International Inc. posted net income of $5.7 million on net sales of $429 million for the second quarter ended June 30, 2018. That compares to a net loss of $6.5 million on sales of $365 million for the same period last year.
"We have the right strategic plan in place," says Cooper Tire & Rubber Co. CEO and President Brad Hughes following Cooper's second-quarter 2018 results.
On July 1, 2018, the Retreading Systems Division of Marangoni SpA will upwardly adjust the sales price for rubber materials used to retread tires in all countries of the European Area. "This increase will reflect that of the raw materials used by this sector but should also be seen in the context of the current conditions of the whole TBR tire replacement market." said the company.
Goodyear Tire & Rubber Co. released its first-quarter 2018 financial results on April 25. Sales were up compared to the same period in 2016. Net income was down, as was unit volume. Operating income was down as well.
The highlight of Apollo Tyres Ltd.’s third-quarter financial results was a 17% increase in sales.
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%.
Brad Hughes, CEO and president of Cooper Tire & Rubber Co., says "raw material cost variability, weak trends in retail sell-out of tires to consumers, elevated inventory in the channels and a fluid pricing and promotional landscape" were challenges that affected the company's second-quarter 2017 fiscal year results.
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.
Jeff Barna stepped out of his comfort zone in January when he joined the tire industry. Armed with an extensive knowledge of the automotive aftermarket, he accepted the position of chief operating officer at Yokohama Tire Corp. (YTC).
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.