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Toyo posts first quarter sales, income gains

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Toyo posts first quarter sales, income gains

Toyo Tire & Rubber Co. Ltd. posted net sales of $840 million on net income of $8.65 million during the first quarter of its 2011 fiscal year. The quarter ended on June 30, 2011.

Toyo's tire business unit posted sales of $618.4 million during the first quarter.

"Unit sales and net sales of replacement tires for the Japanese market significantly exceeded the level of the same period in fiscal year 2009," say Toyo officials. "This is because tire demand has increased with the recovery of the domestic economy."

In North America and Europe, Toyo's replacement tire sales also increased from 2009 levels.

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