Sumitomo reports 2011 double-digit sales, earnings gains

ERJ staff report (TB)

KOBE, Japan (Feb. 15, 2012) - Sumitomo Rubber Industries Ltd. (SRI) reported double-digit increases in earnings and sales for the year.

KOBE, Japan (Feb. 15, 2012) - Sumitomo Rubber Industries Ltd. (SRI) reported double-digit increases in earnings and sales for the year ended Dec. 31, led by a strong fourth quarter performance.

Operating income rose 13.4 percent to $668.4 million on 12-percent higher sales of $8.49 billion. Net income was up 32.5 percent to $356 million, or 4.2 percent of sales.

SRI did not comment on the reasons for its improvements, which were published in a quarterly “Flash Report” by SRI's investor relations department.

Sales in the fourth quarter jumped 16.2 percent and operating income surged nearly 30 percent. Net earnings doubled.

The company's tire business unit reported $612.3 million in operating profit on $7.41 billion in sales, gains of 23.9 and 15 percent, respectively.

Capital expenditures jumped 55.7 percent during the year to $680.8 million; tire unit spending leapt 65 percent to $641 million.

SRI did not provide regional breakdown information nor any forecast.

From Tire Business Rubber & Plastics News Automotive News (A Crain publication)

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