Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Tire
    • Airless Tires
    • Non-Tire
    • More News
    • Suppliers
    • Silicone
    • Latex
    • Technical Notebooks
    • Opinion
    • Online Exclusive
    • Special Reports
    • Automotive
    • Executive Action
    • Government/Legal
    • Sustainability
    • Blogs
      • Products
      • Wacky World of Rubber
    • PFAS
    • Best Places to Work
    • War in Ukraine
    • International Tire Exhibition & Conference
    • Women Breaking the Mold
  • Rubber Division IEC
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • PFAS Live
    • Ask the Expert
    • International Tire Exhibition & Conference (ITEC)
    • Women Breaking the Mold Networking Forum
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
December 10, 2018 01:00 AM

Kumho operating income, sales down in third quarter

Tire Business Report
  • Tweet
  • Share
  • Share
  • Email
  • More

    SEOUL, South Korea—Kumho Tire Co. Inc. suffered a 69.3 percent drop in pre-tax operating profit for the quarter ended Sept. 30 on 16 percent lower sales.

    Kumho's earnings before interest, tax, depreciation and amortization (EBITDA) fell to $15.5 million on sales of $566.6 billion, according to the company's third quarter investor relations documents, dropping the operating ratio five points to 2.7 percent.

    The operating and ordinary results were both losses—$33.9 million and $60 million.

    Kumho cited higher raw materials costs for the reduced operating profit and blamed the lower sales on poor performances in its foreign operations, especially in the Middle East, Latin America and Asia.

    Revenue in Kumho's home market fell 5.5 percent to $198 million, while sales in China plunged 31.1 percent to $55.4 million.

    Sales in North America rose 1.8 percent to $151.8 million on higher original equipment sales—reflecting increased North American auto sales—that offset lower replacement market business, Kumho said.

    Business in Europe plunged 28.5 percent to $69.6 million.

    Pretax operating income for the nine months ended Sept. 30 was down 11.4 percent to $92 million on 9.9 percent lower sales of $1.77 billion. The ordinary result was a loss of $146 million, more than double the loss of the comparable 2017 period.

    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Merger: Tipco Technologies, HydraTech join forces for hose distribution
    2
    Consumer Reports: EVs are far less reliable than ICE
    3
    Kumho, Synthos partner on neodymium-butadiene rubber
    4
    EPA targets hazardous emissions from tire rubber mixing
    5
    Watch: Continental all-in with simulation in tire development
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Tire
      • Airless Tires
      • Non-Tire
      • More News
        • Automotive
        • Executive Action
        • Government/Legal
        • Sustainability
        • Blogs
          • Products
          • Wacky World of Rubber
      • Suppliers
      • Silicone
      • Latex
      • Technical Notebooks
      • Opinion
      • Online Exclusive
      • Special Reports
        • PFAS
        • Best Places to Work
        • War in Ukraine
        • International Tire Exhibition & Conference
        • Women Breaking the Mold
    • Rubber Division IEC
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • International Tire Exhibition & Conference (ITEC)
        • Women Breaking the Mold Networking Forum
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
      • PFAS Live
      • Ask the Expert
    • Advertise
    • DIGITAL EDITION