Toyo revises outlook after losses in Q3

ERJ staff report (TB)

Tokyo — Toyo Tire & Rubber Co. Ltd. fell into the red on an ordinary and net basis for the three- and nine-month periods ended Dec. 31, prompting management to revise downward the firm’s sales and earnings outlook for fiscal 2009 and initiate a series of cost-savings measures.

Toyo blamed the earnings drop on higher raw material costs, a sharp appreciation of the yen and extraordinary one-time charges. Sales for the quarter fell 5.6 percent to $932.7 million and 1 percent for the…

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