Toyo’s 1H Earnings Are Up More Than 400%

Posted on August 11, 2017

Toyo Tire & Rubber Co. Ltd. posted net income of 11.1 billion yen on net sales of 192 billion yen for the first half ended June 30, 2017. That compares to income of 2.1 billion yen on sales of 186.4 billion yen in the year-ago half.

Compared to the year-ago half, net sales increased 3% and net income increased 414.7%.

Based on the exchange rate on June 30, 2017, Toyo recorded net income of $98.6 million on net sales of $1.7 billion in the first half of 2017. Operating income decreased 16.7% to 21.8 billion yen ($194.3 million) versus the year-ago period.

Toyo’s income-to-sales ratio was 5.7% in the first half.

The company’s earnings were affected by an extraordinary loss of 937 million yen ($8.3 million) related to costs to replace defective earthquake shock absorbers installed in buildings.

Tire sales are up in North America

Net sales in the company’s tire business rose 3.6% compared to the year-ago period to 154 billion yen ($1.4 billion). Operating income fell 11.9% to 21.4 billion ($191 million).

In Japan, net tire sales fell 1.9% to 66.3 billion yen ($590 million). In North America, net tire sales increased 3.7% to 89.4 billion yen ($795 million). Sales in other geographic regions increased 11.4% to 36.4 billion yen ($324 million).

Related Topics: Toyo financials

Comments ( 0 )
More Stories
Sam Rusenovich will help BPI's customers with training and marketing tools as the company's director of customer experience.
News Brake Parts Hires Sam Rusenovich From NAPA

Brake Parts Inc (BPI) has hired Sam Rusenovich as the director of customer experience.  

(l to r): Verneta Reich, Aaron Wisniewski, Blane Wilson of SMP, and grand prize winner John Reich.
News Top Prize Winner Named in Aftermarket Jackpot Jumpstart Sweepstakes

Auto Value and Bumper to Bumper stores and service centers stores drew three more $10,000 grand prize winners and another 50 $100 gift card winners from the second and final drawing of the Aftermarket Jackpot Jumpstart Sweepstakes.

News General Tire Purchases Are Eligible for a Spring Rebate

Continental Tire the Americas LLC is offering a spring consumer rebate of up to $70 for the purchase of four General-brand tires through April 15, 2018.  

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!