Hankook & Co. posted a 10.8% increase in year-over-year sales during the first quarter of 2022 thanks to "effective pricing and distribution strategies in major regions," according to company officials.
"In particular, sales of high-inch passenger car tires - 18 inches or higher - continued to be the driving engine for growth, accounting for 39% of the company's entire sales, up 1.3% year-over-year."
The United States market "showed steady recovery" during the first three months of the year, "with surging sales for replacement tires exceeding that of market demand."
The Seoul, South Korea-based company also reported a 32.2% year-over-year operating profit decline during 1Q 2022.
