BFS reports year 2000 losses
Bridgestone/Firestone (BFS) Inc. has announced major year 2000 losses.
The tiremaker's year 2000 net sales were $7.5 billion, $500 million less than its original forecast. Its operating profits dropped to $108 million while post-tax profits decreased by $510 million.
BFS blamed losses on "the effects of the (Firestone) recall" and reduced car and truck production, among other factors.
For 2001, the company predicts a "slight decline" in net sales to $7.2 billion, an $80 million operating profit loss and a post-tax profit drop to $200 million.
In addition, BFS parent company Bridgestone Corp. reported year 2000 net sales of $18.6 billion, a 4% drop from 1999. Its operating profits decreased 32% from the previous year to $1.5 billion and net earnings declined 80% to $164 million.