Toyo reports record sales and earnings

Osaka, Japan — Toyo Tire & Rubber Co. Ltd. reported record sales and earnings for the nine months ended 30 Sept. as higher revenues, lower raw materials costs and favourable foreign-exchange rates boosted profits.

Operating income for that period jumped 37.8 percent to $327 million (€262.3 million) on 7.1 percent higher sales of $2.76 billion, resulting in an operating ratio of 11.8 percent. Net income nearly quadrupled to $226.1 million, according to the tire maker.

Toyo’s results reflected a strong performance in the tire business unit, which reported a 44.8 percent increase in nine-month operating income to $305.2 million and an 8.6-percent increase in sales to $2.18 billion.

Toyo attributed the improvements to unit sales gains in its domestic replacement business and in its key overseas businesses, including North America, where unit sales and revenue increased because of strong sales of higher value-added SUV tires.