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Forumer storico
Se i produttori automobilistici sembrano in grande sofferenza, ovviamente i produttori di allestimento ed accessorio auto hanno pochissimo di che gioire.
Oggi trimestrale Q4/2008 di Goodyear, primo produttore USA di pneumatici, con alcuni eurobond in USD (decisamente HY il rating, non mi sovviene quale sia), ed è in perdita abbastanza marcata, la prima dopo due anni.
Il volume delle vendite è caduto del 20%, mentre i costi delle materie prime sono risultati in crescita del 28%. Goodyear ha varato per il 2009 un drastico taglio a spese e capex, una riduzione del personale superiore al 5% del totale ed un abbattimento della produzione di 25 milioni di unità entro il 2010 (dei quali 12 milioni da conseguire già nel Q1/2009)
Aveva già elimitato un 5% circa dei salariati nella seconda metà del 2008, imponendo inoltre un congelamento dei salari che viene prorogato al 2009.
L'80% dei ricavi di Goodyar viene dai pneumatici di rimpiazzamento, un mercato che negli USA si è ridotto del 13% nel Q4/2008. Il mercato USA pesa per Goodyear per il 38% delle vendite.
Goodyear Posts $330 Million Loss, to Trim 5,000 Jobs (Update4)
By Alex Ortolani
Feb. 18 (Bloomberg) -- Goodyear Tire & Rubber Co., the largest U.S. tiremaker, posted a fourth-quarter net loss of $330 million and said it plans to cut almost 5,000 jobs and continue a salary freeze.
The loss, its first in almost two years, was $1.37 a share and compares with net income of $52 million, or 23 cents, a year earlier, the Akron, Ohio-based company said today in a statement. Sales fell 20 percent to $4.14 billion.
Goodyear said the loss resulted from lower sales and higher raw material costs, which increased 28 percent. The company said it will curtail expenses by about $700 million and capital expenditures by as much as $800 million this year, while trimming production capacity by as much as 25 million units through 2010. The job cuts will reduce a workforce that stood at about 75,000 employees at the end of last year.
“These actions address the new economic realities,” Chief Executive Officer Robert Keegan said in the statement.
Goodyear rose 36 cents, or 6 percent, to $6.38 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have declined 76 percent in the past 12 months.
The loss excluding one-time costs such as expenses related to hurricanes in North America was $1.18 a share, spokesman Keith Price said in an e-mail. That was wider than the $1.14 average of 6 analyst estimates compiled by Bloomberg.
Goodyear said it eliminated 4,000 jobs and imposed a salary freeze in the second half of last year.
Capacity Reductions
The tiremaker will cut 12 million units of tire production in the first quarter, Chief Financial Officer Darren Wells said on a conference call today with analysts. The company expects raw material prices in the first half to increase as much as 18 percent, Wells said.
The drop in fourth-quarter sales reflected a 19 percent decline in tire volume and a $375 million negative impact of foreign currency translation, according to the statement.
North America “was a big disappointment,” Himanshu Patel, a JPMorgan Chase & Co. analyst, wrote in a note to investors today. The loss before interest and taxes of $193 million was wider than the $95 million loss that the New York-based analyst projected. He has a “neutral” rating on Goodyear shares.
Demand for replacement tires in the U.S. fell an average of 13 percent in the last three months of 2008, Rod Lache, a New York-based analyst at Deutsche Bank, said in a Feb. 12 research note.
About 80 percent of Goodyear’s sales come from replacement tires, with the rest from automaker purchases, Price said. About 62 percent of 2007 revenue came from outside the U.S.
Cost-Cutting Target
Goodyear said it raised a four-year cost cutting target to $2.5 billion from $2 billion. The tiremaker achieved $1.8 billion in savings from 2006 through 2008, according to the statement.
The company sold 16.9 million tires in North America last quarter, down 18 percent from a year earlier, and 15.1 million units in Europe, the Middle East and Africa, a drop of 21 percent. Volume declined 27 percent to 4.1 million tires in Latin America and 10 percent to 4.4 million in the Asia-Pacific region.
For the full year, Goodyear had a net loss of $77 million as sales declined less than 1 percent to $19.5 billion. In 2007, the tiremaker had net income of $602 million.
Oggi trimestrale Q4/2008 di Goodyear, primo produttore USA di pneumatici, con alcuni eurobond in USD (decisamente HY il rating, non mi sovviene quale sia), ed è in perdita abbastanza marcata, la prima dopo due anni.
Il volume delle vendite è caduto del 20%, mentre i costi delle materie prime sono risultati in crescita del 28%. Goodyear ha varato per il 2009 un drastico taglio a spese e capex, una riduzione del personale superiore al 5% del totale ed un abbattimento della produzione di 25 milioni di unità entro il 2010 (dei quali 12 milioni da conseguire già nel Q1/2009)
Aveva già elimitato un 5% circa dei salariati nella seconda metà del 2008, imponendo inoltre un congelamento dei salari che viene prorogato al 2009.
L'80% dei ricavi di Goodyar viene dai pneumatici di rimpiazzamento, un mercato che negli USA si è ridotto del 13% nel Q4/2008. Il mercato USA pesa per Goodyear per il 38% delle vendite.
Goodyear Posts $330 Million Loss, to Trim 5,000 Jobs (Update4)
By Alex Ortolani
Feb. 18 (Bloomberg) -- Goodyear Tire & Rubber Co., the largest U.S. tiremaker, posted a fourth-quarter net loss of $330 million and said it plans to cut almost 5,000 jobs and continue a salary freeze.
The loss, its first in almost two years, was $1.37 a share and compares with net income of $52 million, or 23 cents, a year earlier, the Akron, Ohio-based company said today in a statement. Sales fell 20 percent to $4.14 billion.
Goodyear said the loss resulted from lower sales and higher raw material costs, which increased 28 percent. The company said it will curtail expenses by about $700 million and capital expenditures by as much as $800 million this year, while trimming production capacity by as much as 25 million units through 2010. The job cuts will reduce a workforce that stood at about 75,000 employees at the end of last year.
“These actions address the new economic realities,” Chief Executive Officer Robert Keegan said in the statement.
Goodyear rose 36 cents, or 6 percent, to $6.38 at 4:01 p.m. in New York Stock Exchange composite trading. The shares have declined 76 percent in the past 12 months.
The loss excluding one-time costs such as expenses related to hurricanes in North America was $1.18 a share, spokesman Keith Price said in an e-mail. That was wider than the $1.14 average of 6 analyst estimates compiled by Bloomberg.
Goodyear said it eliminated 4,000 jobs and imposed a salary freeze in the second half of last year.
Capacity Reductions
The tiremaker will cut 12 million units of tire production in the first quarter, Chief Financial Officer Darren Wells said on a conference call today with analysts. The company expects raw material prices in the first half to increase as much as 18 percent, Wells said.
The drop in fourth-quarter sales reflected a 19 percent decline in tire volume and a $375 million negative impact of foreign currency translation, according to the statement.
North America “was a big disappointment,” Himanshu Patel, a JPMorgan Chase & Co. analyst, wrote in a note to investors today. The loss before interest and taxes of $193 million was wider than the $95 million loss that the New York-based analyst projected. He has a “neutral” rating on Goodyear shares.
Demand for replacement tires in the U.S. fell an average of 13 percent in the last three months of 2008, Rod Lache, a New York-based analyst at Deutsche Bank, said in a Feb. 12 research note.
About 80 percent of Goodyear’s sales come from replacement tires, with the rest from automaker purchases, Price said. About 62 percent of 2007 revenue came from outside the U.S.
Cost-Cutting Target
Goodyear said it raised a four-year cost cutting target to $2.5 billion from $2 billion. The tiremaker achieved $1.8 billion in savings from 2006 through 2008, according to the statement.
The company sold 16.9 million tires in North America last quarter, down 18 percent from a year earlier, and 15.1 million units in Europe, the Middle East and Africa, a drop of 21 percent. Volume declined 27 percent to 4.1 million tires in Latin America and 10 percent to 4.4 million in the Asia-Pacific region.
For the full year, Goodyear had a net loss of $77 million as sales declined less than 1 percent to $19.5 billion. In 2007, the tiremaker had net income of $602 million.
