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Yokohama Anticipates 'Stronger Than Expected' Rebound

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Yokohama has revised its full-year 2020 projections based on optimism that the market will recover more robustly than originally anticipated.

Yokohama Rubber Co. Ltd. expects to see a “stronger than expected recovery” and is revising its full-year sales and income projections as a result.

During the first three months of 2020, Yokohama experienced a 74.5% decline in operating profit and a 16.2% drop in sales revenue.

The Tokyo, Japan-based company also reports that sales and “business profit” in its tire segment declined from the same period last year.

“In original equipment tires, sales revenue declined on account of a sharp decline in demand during the first two quarters,” say Yokohama officials.

“That decline offset a modest recovery in Japanese demand, following a fiscal first half downturn caused by the COVID-19 pandemic and a recovery in demand in China and elsewhere.”

Overall, the drops that Yokohama experienced during the first three quarters of 2020 “reflected the first half impact of the COVID-19 pandemic on demand,” but “masked a sales upturn” in replacement tires.

 

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