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 â€œFlash Reportâ€ 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)