Yokohama Posts Record Numbers for First Nine Months
During the first three quarters of 2021, Yokohama Rubber Co. Ltd. boosted its profits "approximately 10-fold" over the same period in 2020. The company also achieved a 22.3% year-over-year sales increase.
Increases were Yokohama's "highest-ever for the first nine months of a fiscal year," according to company officials.
In particular, the Tokyo, Japan-based firm's third quarter sales exceeded sales achieved during the same period in 2019, "which preceded the COVID-19 outbreak" and was Yokohama's highest-ever for that period.
Original equipment tire sales revenue also increased "despite the adverse effect of global shortages of semi-conductor devices" and "sales revenue also increased in replacement tires," including North America.
In addition, "sales revenue and business profit climbed to record levels in Yokohama's ATG segment," which manufactures and sells ag, OTR and industrial tires.
The company has revised its full-year 2021 sales and earnings projection upward.