Hankook Tire Co. Ltd. reported global sales of 1.66 trillion won for its third quarter of 2016, down 3.6% versus the year-ago period when sales were 1.72 trillion won.
Based on the exchange rate, sales in the third quarter totaled $1.48 billion, according to the company.
Operating income was up 23% to 297.1 billion won ($264.9 billion), compared to the same period last year. The company did not release net income.
Hankook says sales in the ultra high performance tire segment and premium original equipment tire segment, especially in the European and Chinese markets, helped overcome slower demand in the global market.
UHP tire sales continued their upward trend, accounting for 34.2% of the company’s total sales. In the second quarter of 2016, UHP sales accounted for 37.7% of overall sales.
The company added the Scania brand in Europe to expand its original equipment tire portfolio in truck and bus radial (TBR). Hankook says it plans to further strengthen its brand portfolio through a multibrand strategy to satisfy customers’ needs in 180 countries around the globe.
The company opened a new research and development center, the Hankook Technodome, in Korea in October.
For MTD’s coverage of the grand opening, see: “Hankook's New Technodome: The Future of R&D Is Now.”
Hankook also discussed its plans for selling its tires online with MTD Senior Editor Joy Kopcha during the 2016 Specialty Equipment Market Association (SEMA) Show. For details, read: “Hankook’s Plan: To Remain Focused on Its Dealers.”