Bridgestone reports sales, income declines
Bridgestone Corp. posted net sales of $35.5 billion on net income of $114 million during 2008. The sales figure represents a 5% drop from 2007 levels, while income fell 92% from previous-year levels.
While the entire year was challenging, the fourth quarter, in particular, "was marked by the rapid progress of a global economic recession," say Bridgestone officials, which had "a major influence" on the company's results.
Bridgestone's tire sales during 2008 totaled $28.9 billion, a 5% decrease from fiscal 2007. Tire segment operating income came to slightly more than $1 billion, a 52% drop from 2007.
In 2009, the operating environment will be "extremely difficult to forecast due to the rapid deterioration in global business conditions. In this setting, each country is implementing economic countermeasures... but some time will likely be required until these measures take effect and economies turn toward recovery.
"This situation, together with the rapid changes in the worldwide structure of demand and competition... (will) likely have a significant impact" on Bridgestone's sales.