London - Michelin, Continental, Hankook, Sinopec, Titan International and Polyone Corp. have all announced results for the third quarter and for the nine months to 30 September 2007.
At Michelin, the company reported sales up 4 percent for the first nine months and 2.5 percent ifor the most recent three months. Volumes were up by 2.9 percent, but exchange rates had a negative effect, and elimited this gain. Improvements in product mix and n prices however, brought sales for the nine months to €12 586 million, 4 percent up on the figure of €12 104 million a year earlier. The company did not reveal profitability figures.
Continental also saw sales rise and reported improved profits for the nine months. In car and light truck tyres, the company said sales grew to €3647 million from €3393 million a year earlier. Return on sales (EBIT) grew to 14.4 percent in the car tyre segment from 9.6 percent a year earlier. In truck tyres, however, sales declined, to €1070 million from €1088 million. Return on sales (EBIT) in that division also declined to 7.8 percent from 8.0 percent a year earlier. Automotive systems generated more sales (€5012 million) than tyres (€4717 million) in the nine month period.
At Hankook, sales grew strongly in the three month period. The company reported sales of KRW 919 000 million (€704 million) for the three months ended 30 September, up 8.1 percent on the same period in 2006. Hankook noted that its European replacement car tyre sales in the quarter were 27 percent higher than the same period last year. The company said operating profit for the three months was KRW 77 800 million (€60 million), giving an EBIT margin of 8.5 percent.
At Sinopec, the company said it produced 546 000 tonnes of synthetic rubber in the first nine months of the year, up by 11.5 percent on the 490 kt produced in the same period of 2006. Overall, the company saw sales rise by 13.6 percent higher than the sme period in 2006.
Titan said year-to-date sales were an all-time record of $632.1 million (€439 million), a 23 percent increase from $513.9 million for the nine-month period in 2006. Year-to-date gross profit was $72.8 million (€50.5 million) for 2007, as compared to $70.6 million for 2006.
Polyone, the compounding company, barely broke-even on its nine-month sales of $2011 million (€1400 million). This figure was slightly down on the previous year when the company reported sales of $2027 million. However, net profit for the nine months was just $4.3 million compared with $109 million in the same period last year.
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Q3 Press release from Michelin
Q3 Press release from Continental
Q3 Press release from Hankook
Q3 Press release from Sinopec
Q3 Press release from Titan
Q3 Press release from PolyOne