Sumitomo post double-digit sales, earnings gains in Q3

ERJ staff report (TB)

Tire Business staff report

Kobe, Japan -- Sumitomo Rubber Industries Ltd's (SRI) financial performance rebounded in the quarter ended 30 Sept, with double-digit gains in operating and net income and sales helping improve the firm's year-to-date operating results.

SRI's operating and net income improved 19.9 and 33.3 percent in the third quarter to $129.9 million (Euro 95 million) and $62.6 million, respectively, as sales grew 16.8 percent to $2.19 billion.

The quarterly performance pushed the company's operating income for the nine months ahead of the 2010 period by 2.5 percent to $383.4 million and brought the net result nearly even with a year ago to $179.3 million. Sales for the January-September period were up 10.1 percent to $6.1 billion.

SRI's tyre business reported 20.5-percent higher sales in the quarter of $1.94 billion, which pushed the nine-month total up 13.6 percent to $5.3 billion. Operating income in the quarter was $122.1 million, up 31.7 percent, or 6.3 percent of sales; operating earnings in the nine months were up 21.8 percent to $357.2 million, or 6.7 percent of sales.

Sumitomo does not comment on the reasons for its quarterly financial performances, which are released in the firm's quarterly “Flash Reports.”

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Article from Tire Business (a Crain publication)