Bridgestone Corp. posted net income of 197.8 billion yen on net sales of 2.6 trillion yen for the first three quarters of its fiscal year ended Sept. 20, 2017. That compares to income of 183 billion yen on sales of 2.4 trillion yen for the same period in fiscal 2018.
(Bridgestone defines "net income" as income attributable to its shareholders.)
Based on the exchange rate on Sept. 30, 2017, Bridgestone recorded net income of more than $1.7 billion on net sales of more than $23.6 billion for the first three quarters of 2017. The company's income-to-sales ratio was 7.4%.
The company's operating income was comparatively down 9%, from 329.4 billion yen to 299.7 billion yen.
Bridgestone said the operating environments in the first three quarters of fiscal 2017 were as follows:
* An unclear situation continued due to the uncertainty of the global economy, while the Japanese domestic economy continued gradual recovery.
* The United States economy continued steady recovery.
* The European economy continued to show gradual recover but remained unstable as a result of the United Kingdom leaving the European Union and related issues.
* In Asia, the Chinese economic growth had shown the signs of recovery.
* Overall, overseas economies were gradually recovering but still weak, while the political and economic situation remained unstable.
In addition, tire demand for mining vehicles increased along with rising commodity prices.
"Stepping up efforts on a global scale, we focused on promoting brand strategies through sponsorship and support activities for the Olympic and Paralympic Games Tokyo 2020. The companies also expanded sales of highly competitive products and services in global markets through promoting innovation, while building and enhancing a solutions business that extends beyond the mere sales of products.
"Moreover, the companies continuously strives to implement various measures for management reform, aimed at reforming governance structure and effectively utilizing management resources by investing appropriate costs."
Sales in the tire segment, which makes up nearly 83% of total sales, were up 10% to 2.2 trillon yen. In contrast, operating income was down 9% to 274 billion yen.
Consumer tire unit sales in North America decreased compared to the same period last year, while medium truck tire sales increased.
Bridgestone projects its net sales for the year will total 3.6 trillion yen, which would be 9% greater than its net sales in fiscal 2016. Profits attributable to shareholders is projected to increase 9.2%, to 290 billion yen.
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