Despite a drop in global tire sales, Bridgestone Corp. recorded higher sales and profits in the first quarter of 2023, due in part to a greater focus on larger diameter passenger tires and growth in OTR tires in the mining industry.
For the quarter, Bridgestone recorded sales of $7.835 billion, compared to $7.317 billion for the same period last year. Operating profit was up as well, $957.3 million from $719.6 million a year ago.
Bridgestone’s profits totaled $680.7 million in the period, up from $537.2 million recorded in the first quarter of 2022.
The tiremaker didn’t adjust its full-year forecast, but noted demand is expected to recover in the second half of 2023. For the year, Bridgestone predicts total sales of $31.161 billion, and profits of $2.552 billion.
Regionally, Bridgestone’s Americas business accounted for $3.716 billion in the first quarter. The tiremaker expects its Americas operations to contribute more than $15 billion of its total sales by the end of 2023.
Passenger and light truck tire sales totaled $4.262 billion in the quarter, while truck tires totaled $1.897 billion. Specialty tires represented $1.102 billion in sales.
Bridgestone noted that while global tire sales decreased compared to the first quarter of 2022, for both passenger and commercial truck tires, the company “reinforced sales focusing on the premium segment” and realized an improvement in the mix of premium tires 18 inches and larger in every region. The tiremaker also saw increases in volume of OTR tires in mining year-over-year.
Bridgestone also provides a glimpse of year-on-year tire sales growth, as a percentage of unit base. Here’s a look at what the tiremaker reported for the first quarter, and its forecast for the full year of 2023, in North America:
| 1Q 2023 | 2023 Forecast | |
| Passenger/light truck replacement | 94 | 101-105 |
| Passenger/light truck OE | 102 | 111-115 |
| Total Passenger/light truck | 97 | 101-105 |
| TBR replacement | 88 | 111-115 |
| TBR OE | 93 | 106-110 |
| Total TBR | 90 | 111-115 |
