ERJ staff report (TB)
Kobe, Japan – Sumitomo Rubber Industries Ltd. (SRI) reported double-digit gains in fiscal 2012 operating income on 4.9 percent higher sales, reports Tire Business.
Operating income jumped 29.3 percent to $873.9 million, or 9.8 percent of the firm's $8.9 billion in sales last year. Net income rose 24.9 percent to $444.2 million, or 5 percent of sales.
SRI's tire business reported 2012 operating income of $790.6 million, up 29.2 percent over 2011. Sales rose 5 percent to $7.76 billion.
Capital spending was up 15 percent over 2011 to $782 million, with the bulk of that, $735 million, going toward tires.
SRI offered no commentary on the results, released via a quarterly "Flash Report."
SRI also did not offer any regional breakdowns; however a financial report for the firm's nine-month financial results showed Sumitomo anticipated 6.5 percent growth in 2012 in tire unit sales in North America, where it goes to market with the Falken, Ohtsu and Sumitomo brands.