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Toyo nets $10.5 million in the second quarter

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Toyo Tire & Rubber Co. Ltd. posted net income of 853 million yen on net sales of 70.3 billion yen for its first quarter ended June 30, 2011. That compares to income of 743 million yen on sales of 72.1 billion yen for the same period last year.

Based on the exchange rate on June 30, 2011, Toyo recorded net income of $10.5 million on net sales of $868.7 million for 1Q 2011. That's an income-to-sales ratio of 1.2%.

Toyo's operating income rose 20.7%, from 2.6 billion yen to more than 3.1 billion yen. The company's tire business, which represents 76.4% of total sales, was up 1.3% to 53.8 billion yen ($664.2 million).

Here's a breakdown of Toyo's 1Q sales by geographic segment in billions of yen (with 1Q 2010 results in parentheses).

Japan: 29.9 (37.8).

North America: 27 (23.2).

Others: 13.4 (11.1).

Following its first-quarter financial results, Toyo announced revised estimates for its first half ending Sept. 30, 2011. The estimates are more optimistic, helped by "early recovery of operations at factories in areas stricken by the East Japan Earthquake." It predicts net income of 1.4 billion yen, net sales of 143 billion yen, and operating income of 3.8 billion yen.

The company's forecast for its fiscal 2011 ending March 31, 2012, remains unchanged, according to Toyo. It estimates net income of 2 billion yen, net sales of 322 billion yen, and operating income of 7.7 billion yen.

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