Bridgestone Corp. achieved a 28.4% year-over-year gain in revenue and an 11% year-over-year increase in operating profit during the first nine months of 2022.
Sales of passenger, light truck, medium truck and bus tires - as well as mining and construction tires - "exceeded those of the previous year," according to Bridgestone officials.
"In terms of the Group's operating environment in the nine months ended Sept. 30, 2022, in addition to the various management risks that occurred during the first half, including the suspension of domestic production in Russia and tire exports to Russia; significant drops in sales in China due to lockdowns in that country; and the temporary stoppage of operations at affiliated production sites due to an external cyber-attack at a subsidiary in the U.S., economic slowdown mainly in the U.S. and Europe became apparent coming into the second half and the situation remains volatile and uncertain," according to Bridgestone officials.
Looking ahead to the rest of the fourth quarter, Bridgestone expects "a harsh business environment on account of a downturn in global tire demand due to the economic slowdown and further acceleration in inflation" and is revising its full-year consolidated projections.
The Tokyo-based company believes it will continue to "secure firm profitability."
