Pirelli’s sales and profits both skyrocketed
Tire Business On May 11, 2023, Pirelli announced its financial report for the first quarter of 2023. In the first quarter of 2023, Pirelli’s sales reached 1.7 billion euros (about 12.9 billion yuan), a year-on-year increase of about 12%; net profit reached 115 million euros (about 872 million yuan), a year-on-year increase of 5%. The high growth of Pirelli tires in the first quarter gave Pirelli greater confidence in its development in 2023. It predicts that Pirelli’s sales in the large-size original equipment market will increase by 7% in 2023, and sales in the OEM market will increase by 3%.
Goodyear reports slight increase in sales for first quarter Source
First quarter sales increased 0.7% compared to prior year, driven by strong price/mix, partly offset by the effect of lower volume and the impact of foreign exchange. Revenue per tire increased 12% excluding the impact of foreign exchange. Tire unit volume in the quarter totaled 41.8 million units, down 7.1% from prior-year levels. The stronger U.S. dollar reduced sales by approximately 3%. First quarter 2023 net loss was $101 million ($0.35 per share loss) compared to net income of $96 million ($0.33 per share) a year ago. The decrease in net income was primarily due to cost of goods sold increases, driven by inflation and higher raw material costs, in excess of increases in net sales.
Continental reports positive first quarter Source
Continental started 2023 with solid results, in line with its expectations. The technology company anticipates a further improvement in earnings over the course of the year, in particular due to rising production figures for passenger cars and light commercial vehicles, inflation-related price adjustments and cost discipline. As a result of inflation, the company is expected to incur additional costs in 2023 of around €1.7 billion for materials, wages and salaries as well as energy and logistics. Continental is maintaining its outlook for 2023.
Yokohama Releases 2023 Q1 Report Redacted from
The report shows that as of March 31, the company’s revenue has increased, with sales revenue of US$1.54 billion (approximately RMB 10.715 billion) in the first quarter, an increase of 10.1% over the same period last year. Operating profit in the first quarter was US$100 million (approximately RMB 696 million), down 2.4%, accounting for 6.5% of revenue, a drop of nearly one percentage point. Net profit was US$73.4 million (approximately RMB 511 million), a year-on-year decrease of 4.4%. The company’s tire business earnings reflected the rising of raw material prices, logistics costs, energy costs, and the declining of tire production due to a shortage of semiconductor devices.
Apollo Tyre reports revenue up 17 percent for FY23 Source
Apollo Tyres’ Impressive FY23: Revenue up 17% to Rs 24,568 crores, net profit jumps 73% to Rs 1,105 crores. Board recommends Rs 4.50 dividend. Strong performance in challenging markets, India and Europe operations excel. Commercial vehicle segment sees robust recovery. Replacement demand and stable costs drive future growth.
