Toyo Sees 'Earlier Than Expected' Recovery
Despite third quarter losses, Toyo Tire Corp. officials say they "are witnessing an earlier than expected recovery, though things vary somewhat among different markets."
The company's net sales fell 11.1% from 3Q 2019 to 3Q 2020, while its third quarter operating income decreased nearly 17% year-over-year.
Sales in Toyo's tire business decreased by 9.5% from the third quarter of 2019 to the same period this year. Operating income dropped 14.5% year-over-year. (Toyo's automotive parts division posted a larger loss of 22.7%, 3Q 2019 to 3Q 2020.)
"The overall economic outlook remains uncertain due to the lingering impact of the spread of COVID-19," say Toyo officials. Due to this, Toyo has revised its full-year 2020 projections.