The world’s largest tyre makers have begun posting the Q1 2021 financial results showing that the vast majority reached significant gains owing to economic recovery in major markets. Nokian Tyres reported that net sales grew by 22.1% from the Q1 2020 figure of €279.8 million to €341.8 million in Q1 2021, with operating profit increasing by 392% from €9 million to €44.3 million. In January—March 2021, net sales of passenger car tyres went 29.1% up from €190.5 million to €245.9 million. The Finnish tyre maker forecasts net sales in comparable currencies and segment operating profit to rise in 2021 amid higher global car and tyre demand.
Hankook Tire informed that consolidated global sales and operating profit rose by 12.6% to KRW 1.61 trillion and by 75.5% to KRW 186 billion, respectively, on an annualised basis as global business kept showing signs of stable recovery. In 2021, Hankook seeks to maintain the growth momentum of its high-inch tyre sales in major markets and add original equipment partnerships with an already-robust portfolio.
Larger output, price/mix improvements and favourable foreign exchange rate sent Goodyear’s Q1 2021 sales 15% up year on year to $3.5 billion. The company’s net income was $12 million versus a net loss of $619 million a year ago.
Cooper Tires said that net sales edged 23.3% up year on year from $532 million to $656 million in Q1 2021, while operating profit was assessed at $38 million versus an operating loss of $6 million in Q1 2020.