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Bridgestone raises its financial projections

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Bridgestone raises its financial projections

Bridgestone Corp. has revised its consolidated financial projections for the first half of its fiscal year. The company also has released its projects for the full year.

For the first half ending June 30, 2010, Bridgestone predicts net income of 37 billion yen on net sales of 1.38 trillion yen. The company previously had estimated income and sales of 27 billion yen and 1.36 trillion yen, respectively, for the first half.

"The company anticipates its half-year operating income, oridinary income and net income will exceed the previous financial projections primarily as a result of an increase in tire unit sales and improved tire prices in overseas markets," says Bridgestone.

For the full year, Bridgestone estimates that despite rising raw material costs, its results will be up year over year. The estimates are as follows (with the company's fiscal 2009 results in parentheses):

Net income:  77 billion yen (1 billion yen).

Net sales: 2.9 trillion yen (2.6 trillion yen).

Operating income: 130 billion yen (75.7 billion yen).

"The company predicts an increase in tire unit sales compared to the previous year on a global basis, including Japan, the Americas and Europe," says Bridgestone. "It also expects sales in its diversified products businesses to exceed those of the prior year."

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