Bridgestone profits up in 2004, share buyback in progress

Tokyo--Bridgestone Corp. has announced its consolidated business and financial results for the twelve months ended December 31, 2004. The consolidated companies recorded a 29 percent increase in net income in 2004, to ¥114.400 million (€831.4 million), on a 5 percent increase in net sales, to ¥2,416.6 billion (€17 560 million). Operating income rose 8 percent, to ¥197.6 billion (€1436 million], and ordinary income rose 9 percent to ¥181.5 billion.

In a statement, Bridgestone said, "As for the operating environment, economic recovery gained momentum in Japan. Corporate earnings improved on the strength of export growth and other positive factors, and personal consumption was resurgent. Amid a generally strong economic performance, Japan showed signs in the second half of a possible slowing of economic growth."

The company also said it is "preparing to purchase its own shares as part of the company's ongoing efforts to maximize shareholder value." The company intends to buy up to 24 million shares or spend a total of ¥50 000 million (#363 million) on the buyback, whichever is the lesser.

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Press release Listing from Bridgestone Corp (English)