Hyogo, Japan – Toyo Tire Corp. suffered a 6.4% drop in fiscal 2018 operating income on 2.9% lower sales.
Earnings fell to $384.3 million (€337.8 million), due to higher operating expenses and unfavourable foreign exchange rates throughout the year, which offset gains in the tire sales arena.
Net income fell 31.4% to $101.3 million on sales of $3.57 billion.
For fiscal 2019, Toyo executives are forecasting a slight rebound of 1.7% in sales.
However, operating income is expected to decline for the third year in a row, due to…