Toyo's Tire Segment Results Save the Day in 1H 2018
Success in its Tire Business unit partially offset overall decreases in Toyo Tire & Rubber Co. Ltd.'s sales and operating income in the first half of fiscal 2018.
Toyo posted net income of 7 billion yen on net sales of 185.7 billion yen for the first half ended June 30, 2018. That compares to income of 11 billion yen on sales of 192 billion yen for the same period in fiscal 2017.
Based on the exchange rate on June 30, 2018, Toyo recorded income of $63.8 million on sales of more than $1.6 billion for IH 2018. The company's income-to-sales ratio was 3.8%.
Toyo's operating income for the six-month period was down 4.7%, from 21.8 billion yen to 20.8 billion yen.
The Tire Business business unit, which accounted for 86.1% of total sales, posted net sales of 160 billion yen, a 3.9% increase from the first half of 2017, and an operating income of more than 22.6 billion yen, a 5.6% increase. Comparatively, the Automotive Parts business unit was down 2.7% in sales and suffered an operating loss of 1.9 billion yen.
Toyo sold its Chemical Industrial Products business unit last year. It accounted for net sales of 11.6 billion yen in the first half of 2017.
In North America, Toyo's net sales were up 3.7%, while operating income was down 31%.
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