Toyo's Q1 sales, earnings up slightly

Osaka, Japan – Toyo Tire & Rubber Co. Ltd. reported slightly improved earnings and sales for the quarter ended 31 March, leaving the firm's projections for fiscal 2017 unchanged.

The firm's operating income rose 1.1% to $106.5 million (€96 million) on 2.9% higher sales of $862.6 million, Toyo said, resulting in an operating ratio of 12.3%, down slightly from 2016.

Toyo's tire business, which represents 80% of corporate sales, performed slightly better, reporting 5.3% improved operating income of $103.6 million on 3.5% higher sales of $693.3 million.

Toyo's figures show the sales improvement came entirely from overseas markets, with revenue up 3.4% in North America to $398 million and 14.9% in "other" markets. Sales in Japan slipped 4%.