Auto Industry
Industry: Email Alert RSS FeedHankook 1st qtr. earnings decline.(News)(Hankook Tire Company Ltd.)(quarter)(Financial report)(Brief article)
Tire Business, May, 2007
Hankook Tire Co. Ltd. reported lower first quarter operating and recurring earnings despite 14.6-percent higher sales.
Hankook's sales growth came primarily in Europe and China, where the firm's revenues rose 23 percent. Sales in North America, by contrast, were up only 2 percent to $104.1 million on the strength of a recent 5-percent price increase. Operating income fell 7.6 percent to $85.1 million and recurring profit fell 20.8 percent to $66.4 million, Hankook said, while sales grew to $896.9 million.
Within the product mix, Hankook reported sales of ultra-high-performance tires grew 21 percent during the period to $68.4 million, about 90 percent of which was generated overseas.
"Coupled with our robust product mix, the results clearly...
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