3Q income and sales are up for Toyo
Toyo Tire & Rubber Co. Ltd. posted net income of 23.5 billion yen on net sales of 287.2 billion yen for the third quarter ended Sept. 30, 2014. That compares to income of 6.1 billion yen on sales of 268.2 billion yen for the same period in 2013.
Based on the exchange rate on Sept. 30, 2014, Toyo recorded net income of $214.8 million on net sales of $2.6 billion for 3Q 2014. The company's income-to-sales ratio was 8.1%.
Operating income was up 37.8%, from 24.6 billion yen to 34 billion yen.
Toyo's Tire Business unit, which represents 79% of total sales, posted an 8.6% increase in 3Q sales compared to last year. Operating income was up 44.8%.
In the North American market, unit sales and net sales increased compared with the same period last year as a result of strong sales of high-value-added SUV tires.
In Europe, unit sales and net sales increased as a result of healthy orders for winter tires and acquiring more new customers in Russia. In China, unit sales and net sales also increased. As a result, unit sales and net sales for overseas markets as a whole increased.
In Japan, Toyo's unit sales and net sales exceeded those from the same period of the previous year on strong sales of Tranpath series minivan tires. Original equipment unit sales were down, but as a result of an increase in sales of high-value-added products, net sales were up.