Tokyo, Japan - Yokohama Rubber Co. Ltd has achieved record sales and earnings in the first three quarters of 2014, the company announced 10 Nov.
Net sales increased 4.2 percent over the same period of the previous year, to Yen429.8 billion (€3.02bn), while operating income increased 6.5 percent to Yen31.9 billion – the Japanese group’s highest ever levels for the nine months to September.
Yokohama linked the gains to higher sales within its core tire operations, led by growth in OE business in Japan as well as in overseas markets. This was backed by increased demand for industrial products, sealants and adhesives and golf equipment.
The nine-month gains in sales and profitability also benefited greatly from declining prices for raw materials and the weakening of the yen, Yokohama’s results statement also noted.
For the full year, Yokohama said it was sticking with projections announced in August: net sales of Yen635 billion, up 5.5 percent; operating income up 11.2 percent to Yen 63 billion; and net income up 20.0-percent to Yen42 billion.