Nexen reports solid sales, earnings gains in Q1

ERJ staff report (TB)

Seoul, South Korea -- Nexen Tire Corp. reported 36.5-percent higher operating income for the quarter ended March 31 on 23.7-percent higher sales.

Nexen, the No. 3 Korean tyre maker, reported operating income of $45.2 million in its fiscal 2012 first quarter. Sales jumped to $360 million.

Nexen did not provide commentary on the results, but did disclose a chart that shows the firm's OE sales - which account for less than 15 percent of revenue - jumped 44 percent over the 2011 first quarter and replacement sales rose 22.4 percent.

North America, at $108 million, is Nexen's single largest market for replacement sales, the data show, ahead of Europe at $65 million.

From Tire Business (A Crain publication)

Download results statement from Nexen Tire Website