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…

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