Sumitomo Q3 results up double digits

ERJ staff report (TB)

Kobe, Japan − Sumitomo Rubber Industries reported double-digit gains in sales and earnings for the quarter ended 30 September, reversing two quarters of earnings declines, reported Tire Business.

Operating income for the third quarter rose 13.4-percent to $131.3m (€97.2m) while sales grew 12 percent to $1.88bn (€1.39bn). Net earnings jumped 27 percent to $93.7m (€69.3m).

Despite the rise in operating income in the quarter, Sumitomo’s operating income for the nine months of $434.4m (€321.6m) was still behind the 2012 period by 1.7 percent. Nine month sales were up 6.4 percent to $5.38bn (€3.98bn), while net income was up 7.5 percent to $250.2m (€185.2m).

Sumitomo did not comment on the reasons for its earnings or sales improvements, which are posted in a “Flash Report” on the company’s website.

The firm’s tire division reported 16.7-percent higher operating earnings in the quarter of $12.2m (€9m) on 12.4-percent better sales of $1.65bn (€1.22bn).

For the first three quarters of 2013, the tire division’s operating income was up 0.3 percent to $389.5m (€288.3m) on 6.4-percent better sales of $4.66bn (€3.44bn), for an operating ratio of 8.4 percent.

The company did not provide geographical region breakdowns.