Bridgestone Corp. posted net income of 219.4 billion yen on net sales of 2.7 trillion yen for the first three quarters of its fiscal year ended Sept. 30, 2018. That compares to income of 197.8 billion yen on sales of 2.7 trillion yen for the same period in fiscal 2017.
(Bridgestone defines "net income" as income attributable to its shareholders.)
Based on the exchange rate on Sept. 30, 2018, Bridgestone recorded net income of $1.9 billion on net sales of $23.5 billion for the first three quarters of 2018. The company’s income to sales ratio was 8.2%.
The company's operating income was comparatively down 3%, from 299.7 billion yen in the year-ago period to 290.9 billion yen.
Due to the lower operating income for the nine-month period, Bridgestone lowered its fiscal 2018 projections. The company expects revenue of 3.6 trillion yen versus the 3.7 trillion yen projected in August 2018. Projected net income was unchanged at 305 billion yen.
The company said operating profit fell in the third quarter due to weakness of Latin American currency and a temporary cost increase to restructure its diversified products business.
In its tire business, sales were up in the third quarter due to sales promotions activities. Sales increased in 18-inch and larger passenger tires, ultra large commercial tires and large off-the-road tires.
The company said it raised tire prices in the Americas and Europe in the third quarter “to keep appropriate price positioning.”
Despite weaker demand for passenger and truck and bus radial tires in Japan due to early buying in 2017, Bridgestone says global tire demand continues to grow steadily.