Toyo suffers drops in sales, earnings

Hyogo, Japan – Toyo Tire & Rubber Co. Ltd. reported drops in earnings and sales for the first nine months of fiscal 2018 as the firm’s automotive parts business suffered an operating loss on lower sales.

In addition, Toyo — which only recently announced a global business partnership with Japan’s Mitsubishi Corp. — lowered its sales and earnings outlook for the full fiscal year by a few percentage points from previous forecasts.

The revised figures, sales of $3.55 billion (€3.14 billion) and operating income of $382 million,…

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