Bridgestone Posts First Quarter Profit, Revenue Gains
Bridgestone Corp. achieved a 107% year-over-year operating profit increase during the first quarter of 2021, as well as a 7.2% gain in net revenue.
Bridgestone's passenger and light truck tire operating profit jumped 159% 1Q 2021 versus 1Q 2020, while its year-over-year consumer tire sales rose by 8%.
The company's truck and bus tire operating profit during the first three months of 2021 increased 50% versus the same period last year. Meanwhile, its truck and bus tire revenue increased by 8%.
Operating profit for Bridgestone's specialty tire business - which includes ag and OTR tires - increased 15% 1Q 2021 versus 1Q 2020, while revenue grew by 2%.
During the first quarter, "the global economy continued to pick up as countries took steps to balance (COVID-19) infection control and economic activities," according to Bridgestone.
Looking ahead, the Tokyo, Japan-based tire manufacturer expects that demand for both consumer and commercial tires will "recover to roughly 2019 levels" during 2021.