Bridgestone revises 2002 forecast

Dec. 4, 2002

Bridgestone Corp. expects net income for its Bridgestone/Firestone Americas Holding Inc. (BFAH) subsidiary to total $70 million for the full year, a $20 million increase over what the company originally predicted last August.

BFAH's full-year sales income is expected to reach $7.6 billion; its 2002 operating income will top out at $190 million.

Both figures are on target with August forecasts, according to Bridgestone officials.

Full-year consolidated nets sales for Bridgestone Corp. are expected to reach more than $18 billion, slightly better than the company's August projection.

However, Bridgestone's predicted net income of $322.2 million will be nearly 40% lower then expected "due to a special charge of approximately $399 million in connection with a restructuring of Bridgestone's European operations."

"Although the company's performance is not yet where we ultimately want it to be, the numbers clearly show that we've stabilized the business and our comeback is well ahead of schedule," says Mike Gorey, BFAH controller and vice president.

"A lot of the credit goes to the hard work of our 51,000 employees and our loyal stores and dealers across the Americas."