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The July Digital Edition |
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NA tire spurs Goodyear's 2Q results Friday, July 30, 2010 Akron, OH - Goodyear Tire & Rubber reported improved tire unit volumes, higher sales and a net profit in the second quarter of 2010. “We are very pleased with our strong performance in the second quarter and first half of the year,” said Richard J. Kramer, president and chief executive officer. Kramer noted that improved results in the company’s North American Tire business unit made a significant contribution to Goodyear’s second quarter success. Goodyear’s second quarter 2010 sales were $4.5 billion, up 15% from the 2009 quarter. Second quarter sales reflect the $304 million impact of a 10% increase in tire unit volume due to improved global demand. Sales were also positively impacted by $161 million from higher sales in other tire–related businesses, primarily third–party chemical sales in North America, and by improved price/mix. Unfavorable foreign currency translation reduced sales by $37 million. The company had segment operating income of $219 million in the second quarter of 2010, up from $24 million in the year–ago quarter. Compared to last year, second quarter segment operating income reflects higher global demand, strong price/mix performance and cost reduction actions. Goodyear’s second quarter 2010 net income was $28 million (11 cents per share), compared with a loss of $221 million (92 cents per share) in the 2009 quarter. All per share amounts are diluted. “Raw material costs remain a challenge and we continue to see an uncertain economy, but we remain focused on the proven strategies that have enabled us to address these headwinds over time,” Kramer said. - * Email ñ Top of the page ñ
Sumitomo Rubber plans China tire plant Friday, July 30, 2010 Kobe, Japan - Sumitomo Rubber, Japan’s second-largest tire maker will invest $297 million to set up a factory in Hunan province, the company said in a statement yesterday. It will be the company’s second factory in China and start production in July 2012, it said. - * Email ñ Top of the page ñCabot profits up $72 million in 3Q Friday, July 30, 2010 Boston, MA - Cabot announced that total business profit increased $72 million in its third quqrter from the same quarter last year and $22 million sequentially as all businesses performed at a high level. Sales for the quarter were $753 million. It was the third consecutive quarter of strong operating results despite volumes below pre-crisis levels. Volumes increased 20% from third quarter 2009 as markets recover globally, sequential demand remained solid and that robust unit margins from increased efficiency, value pricing and cost controls continue to lift performance. For the third quarter of fiscal 2010, net income attributable to Cabot Corporation was $47 million ($0.72 per diluted common share). Adjusted EPS was $0.95 per common share, excluding $0.23 per common share of certain items principally related to charges from the closure of the Company’s carbon black facility in Thane, India. Third quarter fiscal 2010 profitability in the Rubber Blacks Business increased by $30 million when compared to the same quarter of fiscal 2009. Robust unit margins and 22% higher volumes globally from improved demand in the tire and automotive markets drove the improvement. Volumes in China increased by 32% over the third quarter of fiscal 2009, in South America by 30%, in Asia Pacific, excluding China, by 27%, in North America by 24% and in the Europe, Middle East, Africa region by 2%. Sequentially, profitability rose by $3 million as global volumes increased by 3%, led by improvements in China and Asia Pacific, and results benefited from the achievement of certain milestones in our new business development efforts. - * Email ñ Top of the page ñIncreased costs pull down MRF's profit Friday, July 30, 2010 Chennai, India - Increased raw material costs, especially natural rubber and employee costs, along with interest charges pulled down MRF’s net profit by 51% to Rs 61.6 crore (1 crore = 10 million rupees; 46.7 rupees = $1) in the third quarter ended June 30, 2010 against Rs 125.7 crore in the year-ago period. The board has approved the payment of interim dividend of Rs 3 per equity share. However, buoyancy in the auto sector and greater demand in the replacement market for tyres helped the company to lift net sales 34.2% to Rs 1,924.4 crore against Rs 1,433.6 crore in the year-ago period. The other operating income was less at `96 lakh against Rs 4.7 crore in the year-ago period. In the first nine months, MRF reported a higher net profit of Rs 276.8 crore against Rs 156.1 crore in the same period in the previous year. Net sales improved to Rs 5,345.9 crore against Rs 4,189.6 crore in the year-ago period. In the first nine months, the company has surpassed the net profit of Rs 253 crore, reported during the year ending September 30, 2009 on net sales of Rs 5,663.8 crore. MRF executive V-P marketing, Koshy Varghese said despite robust sales, the profits took a beating in Q3 due to high cost of natural rubber. During the quarter, consumption of raw materials increased 78% to Rs 1367.1 crore against Rs 766.7 crore in the year-ago period. - * Email ñ Top of the page ñHallStar redesigns media network Friday, July 30, 2010
Chicago - HallStar has redesigned StarNet, the HallStar Media Network. Now visitors will find it easier than ever to get updates on webinars and news about the company. “The StarNet redesign is part of our ongoing technology improvement process,” said Justin Bill, e-business manager, HallStar. “We are constantly evaluating our online communications efforts to make sure we are connecting with our visitors quickly and effectively.” StarNet, launched in 2009, has an all-new look with easy navigation for visitors to find the information they need about HallStar. The company’s webinar series is prominently featured on the site with an easy scroll-and-click menu, which makes it simple to find a specific topic. Formulators and compounders who want to learn about personal care and polymer additive chemistry can bookmark www.hallstar.com/starnet |
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