Retail

Income down and sales up in 2013 at Toyo

Posted on February 14, 2014

Toyo Tire & Rubber Co. Ltd. reported net income of 11.6 billion yen on net sales of 370.2 billion yen for its fiscal year ended December 31, 2013. That compares to income of 13.2 billion yen on sales of 291.1 billion yen for the same period the previous year.

Based on the exchange rate on Dec. 31, 2013, Toyo recorded net income of $118 million on net sales of $3.8 billion. The income-to-sales ratio was 3.1%.

In 2012, Toyo changed its accounting period from a fiscal year ending March 31 to a fiscal year ending Dec. 31. As a result, the full business year ended December 2013 and the consolidated term for the full business year ended December 2012 to which it is compared are different. The company says data related to business results refers to business results for the following term based on legal financial accounting.

Operating income over the same period was more than 37.2 billion yen ($379 million), an increase of nearly 58% over fiscal 2012.

Toyo’s tire business unit posted net sales of 289,714 million yen and operating income of 33,785 million yen.

The company says record highs were achieved for net sales, operating income and ordinary income as a result of strong performance of the tire business in the North American market, a continued weakening of the yen and stable raw material prices. The company says its operating margin also reached 10%.

Unit sales and net sales were also favorable in the European and Southeast Asian markets, resulting in increased sales and profits compared to the previous term.

For more information, visit the company’s website.

Related Topics: Toyo financials

Comments ( 0 )
More Stories
Hunter explains the purpose and function of wheel alignment procedures and the importance of proper vehicle maintenance to vehicle owners in its latest educational video.
News Latest Hunter Consumer Video Explains Why Cars Need Wheel Alignments

Hunter Engineering Co. has released an educational video for vehicle owners that explains why cars need wheel alignments.

Point S will work to expand its network of dealers thanks to a distribution agreement with Nussbaum Distributing President Mike Nussbam, left. He's pictured with members of the Point S team, Jim Richards, national cooperative recruiting executive; Walter Lybeck, CEO; and Clint Young, director of sales and business development.
News Tire Factory Looks to Expand Point S Brand With Nussbaum Distributing in Memphis

Tire Factory Inc. and Point S USA are making a big move to expand their network of tire dealers into the eastern half of the country. The company is partnering with Nussbaum Distributing Inc. in Memphis, Tenn., to distribute tires to four states.  

News MORE Tire Data! Fitment Group Merges with Size It Up

Two of the largest providers of tire and wheel fitment data have merged. The Fitment Group and Size It Up will operate under the Fitment Group brand and will based out of the corporate office in Duluth, Minn.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!