Yokohama Rubber Co. Ltd. reports that its sales reached "record-high" levels during the first nine months of 2022. Sales jumped by 33.7% on a year-over-year basis.
However, Yokohama posted a 23.6% year-over-year drop in operating profits during the first three quarters of the year.
The Tokyo, Japan-based company "posted growth over the same period of the previous year in sales revenue and business profit in its tires segment," according to Yokohama officials.
Yokohama's original equipment tire sales increased as "automakers began to re-double production output to compensate for earlier reductions. Yokohama Rubber secured new fitments, meanwhile, on vehicle models in North America."
The company also increased its passenger and commercial replacement tire sales on a year-over-year basis during the first nine months of 2022.
And Yokohama posted sales gains in its Yokohama Off-Highway Tires unit.