Were Toyo Tire & Rubber Co. Ltd.'s first-quarter financial results optimistic or pessimistic? It all depends on your perspective.

Toyo's net sales for the first quarter ended March 31, 2018, were down 4.4% compared to 1Q 2017. They dropped from 98 billion yen to 93.7 billion yen. Operating income was down 12.5%, from 12.1 billion yen to 10,6 billion yen.

But net income was up 14.4%, from 5.9 billion yen to 6.7 billion yen. The company's income-to-sales ratio was a healthy 7.1%.

Based on the exchange rate on March 31, 2018, Toyo recorded net income of $63.3 million on net sales of $882 million. First-quarter operating income was nearly $100 million.

Toyo's tire business unit posted net sales of more than 80.7 billion yen, a 2.5% increase over the same period in fiscal 2017, and operating income of 11.5 billion yen, a decrease of 2.4%. Tire sales accounted for 86% of the company's total sales in the first quarter.

In North America, 1Q 2018 net sales were down 0.2%, from 45.2 billion yen to 45.1 billion yen. Sales  were also down in Japan (14.9%).

For more information on Toyo's financial results, check out this link:

"Despite 4Q, Toyo Posts a Profit of $137.3 million."

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