International tire companies 'financial report for the first quarter of 2023 announced, with diversified performance

May 26 news, recently international tire companies have released the first quarter of 2023 financial results. According to the summary of the data, the revenue and profits of the 10 tire manufacturers showed different changes in this quarter.

Bridgestone reported revenue of 1.0435 trillion yen ($7.56 billion) in the first quarter of 2023, up 17.1% from a year earlier. At the same time, operating profit reached 116.8 billion yen, up 15.5%, while net profit increased 38.6% to 90.7 billion yen. This performance shows Bridgestone's steady growth and good profitability in the market.

Sales of Michelin reached 6.961 billion euros ($7.52 billion) in the first quarter of 2023, up 7.4% from a year earlier. This growth reflects Michelin's continued competitive advantage in the global tire market.

However, Goodyear's first-quarter net sales grew by just 0.67 per cent to $4.941 billion. Goodyear posted a net loss of $101 million in the quarter, compared with a net profit of $96 million a year earlier. It is understood that this may be due to the challenges of increased market competition and rising raw material costs faced by Goodyear.

Tire Group, owned by Continental Group, achieved sales of 3.5 billion euros ($3.78 billion) in the first quarter of 2023, up 5.1 per cent from a year earlier. This shows the continued growth momentum of Continental Group in the global market.

Revenue from Sumitomo rubber (Sumitomo Rubber) rose 10.5 per cent to 276.8 billion yen ($2.01 billion) in the first quarter of 2023. However, operating profit fell 46.1 per cent to 7.98 billion yen, while net profit fell 65.9 per cent to 4.01 billion yen. This shows that Sumitomo Rubber faces some operational challenges, which may be due to increased costs and market changes.

Pirelli's first-quarter net sales rose 11.84% to 1.7 billion euros ($1.84 billion), while net profit rose 3.7% to 112 million euros. This performance shows Pirelli's steady growth in the market.

Sales of Hankook Tire tyres reached 2.104 trillion won ($1.59 billion) in the first quarter, up 17.5 per cent from a year earlier. Operating profit also increased significantly, to 190.9 billion won, an increase of 51.5%. The good performance of Hantai tire shows that it has made gratifying achievements in the market competition.

Yokohama posted revenue of 204.3 billion yen ($1.48 billion) in the first quarter of 2023, up 10.08% from a year earlier. However, operating profit fell slightly to 13.2 billion yen, down 2.22%. Net profit also fell 4.8 per cent to 9.71 billion yen. This may be due to fierce market competition and increased cost pressure.

Toyo Tire (Toyo Tire) achieved net sales of 129.2 billion yen ($936 million) in the first quarter of 2023, up 26.9% from a year earlier. Although net sales increased, operating profit fell 9.9% to 14.6 billion yen, while net profit also fell 38.8% to 10.9 billion yen. This may be related to the rising cost of raw materials and increased competition in the market.

Jinhu Tire (Kumho Tire) achieved sales of 998.9 billion won (US $754 million) in the first quarter of 2023, up 35.22% from a year earlier. At the same time, operating profit reached 54.5 billion won and profit margin reached 5.5 per cent. This shows the strong growth of Jinhu tire in the market and the improvement of profitability.

Overall, the performance of international tire enterprises in the first quarter of 2023 showed a trend of diversification. Some enterprises have achieved stable growth and good profitability, while others are facing the challenges of market competition and cost pressure. However, on the whole, the tire industry still maintains a relatively stable development trend, providing important support and supply for the global automobile market.