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Hankook s Q1 sales, earnings up double digits
Tire Business Staff
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SEOUL, South Korea Hankook Tire & Technology Co. Ltd. recorded double-digit improvements in sales and operating income for the quarter ended March 31 over the corresponding 2020 period.
Pre-tax operating income jumped 24.5 percent to $28 million on 12.6 percent better sales of $1.2 billion, yielding an operating ratio of 2.1 percent.
A year ago, as the pandemic was spreading rapidly in Asia, Hankook suffered double-digit declines in operating income and sales for the quarter amid sharp drops in demand caused by the worldwide economic slowdown due to the COVID-19 pandemic and lower consumer sentiment.
Hankook attributed some of the revenue improvement to increased sales of higher value-added low-profile performance tires (rim diameters of 18 inches and larger), along with an expanding OE business with premium car makers globally. Replacement market sales increased in the U.S., Europe and China.
Hankook s Q1 sales, earnings up double digits
Hankook s Q1 sales, earnings up double digits
Print
SEOUL, South Korea Hankook Tire & Technology Co. Ltd. recorded double-digit improvements in sales and operating income for the quarter ended March 31 over the corresponding 2020 period.
Pre-tax operating income jumped 24.5% to $28 million on 12.6% better sales of $1.2 billion, yielding an operating ratio of 2.1%.
A
year ago as the pandemic was spreading rapidly in Asia, Hankook suffered double-digit declines in operating income and sales for the quarter amid sharp drops in demand caused by the worldwide economic slowdown due to the COVID-19 pandemic and lower consumer sentiment.
Hankook attributed some of the revenue improvement to increased sales of higher value-added low-profile performance tires (rim diameters of 18 inches and larger), along with an expanding OE business with premium car makers globally. Replacement market sales increased in the U.S., Europe and China.
Hankook gains OE fitments on Porsche Boxster, Cayman
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NEU-ISENBURG, Germany Sports car maker Porsche A.G. has selected versions of Hankook Tire & Technology Co. Ltd. s Ventus S1 evo 3 ultra-high-performance tire line as OE fitments on the 2021 model-year 718 Boxster and Cayman mid-engine two-seat models.
The fitments cover export models as well as those sold in Europe, Hankook said. As such, cars sold in North America could come equipped with the Ventus fitment.
These latest fitments complement Hankook OE fitments on Porsche s Cayenne SUV and Taycan electric-driven models, the South Korean tire maker said.
Hankook is one of three OE tire suppliers to the Taycan, along with Goodyear and Pirelli Tyre.
/PRNewswire/ Technavio has been monitoring the all-season tire market and it is poised to grow by USD 46.66 billion during 2021-2025, progressing at a CAGR.