Kobe, Japan — Sumitomo Rubber Industries Ltd.’s operating income dropped 12.6% for the quarter ended 31 March as increased costs for raw materials ate into the margin.
Operating income fell to $104.1 million (€96 million), while sales rose 7.7% to $1.69 billion, yielding an operating ratio of 6.2%, down from 7.6% a year ago. Increased materials’ costs impacted earnings by more than $60 million.
Net earnings rose 4.9% to $75.3 million.
On a regional basis, SRI’s sales revenue in North America jumped 28.6% to $288 million, an increase…