Yokohama sales up, but operating income down on higher costs

Tokyo –Yokohama Rubber Co. Ltd. suffered a 14.7-percent drop in operating income in the first quarter despite 5.7-percent higher sales. The company cited higher raw materials costs and administrative expenses for the earnings drop.

Net income, on the other hand, rose 51.8 percent due to a combination of one-time factors and lower pension and severance costs. As a result, Yokohama revised upward its half- and full-year net earnings forecast.

For the three months ended June 30, Yokohama reported operating profits of $25.3 million on sales of $869.8…

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