Toyo Tire Corp. posted net income of 5.6 billion yen on net sales of 90.1 billion yen for the first quarter ended March 31, 2019. That compares to income of 6.7 billion yen on sales of 93.7 billion yen for the same period in fiscal 2018.
Based on the exchange rate on March 31, 2019, Toyo recorded net income of $50.8 million on net sales of $812.5 million in 1Q 2019. Its income-to-sales ratio was 6.2%.
Toyo's operating income decreased 4%, from 10.6 billion yen to just under 10.2 billion yen.
The company's Tire Business unit posted net sales of more than 78.7 billion yen, a 2.5% decrease from the same period for fiscal 2018, and operating income of 10.5 billion yen, a comparative decrease of 8.3%.