Sales and Earnings Up at Yokohama Rubber in First Three Quarters of 2012
Yokohama Rubber Co., Ltd., announced today that both sales and earnings increased in the first three quarters of 2012. Net income at Yokohama in the first three quarters surged to 17.4 billion yen, compared with 1.1 billion yen in the same period of the previous year, as operating income increased 182.8 per cent, to 26.3 billion yen, and a 1.5 per cent increase in net sales, to 393.1 billion yen. Yokohama also maintained full-year predictions made in August for net income of 30 billion yen, operating income of 49 billion yen, and net sales to 576 billion yen.
According to the company, the nine-month gains in sales and in profitability reflected unit sales gains in tyres and diversified products, securing more market acceptance for price increases and continuing progress in reducing costs. In the third quarter, Yokohama’s sales of tyres to automakers in Japan remained strong, but the company’s business in tyres weakened overseas, and its business in industrial products and in other products weakened overall.
Tyre operating income more than doubles
As far as the tyre operations are concerned, Yokohama’s operating income in the first three quarters increased 247.3 per cent over the same period of the previous year, to 21.6 billion yen, on a 0.9% increase in sales, to 308.2 billion yen. OE sales to automakers in Japan helped here. Yokohama’s business in the Japanese original equipment market remained robust in the third quarter, reflecting continued growth in vehicle production and Yokohama fitments on an increased number of vehicle models.
Third-quarter sales also declined overseas, largely because of weakness in North America but profitability improved in Yokohama’s overseas tyre business as price increases took hold.
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