Bridgestone Corp. posted a 26.5% year-over-year sales increase and a 22.4% year-over-year operating profit gain during 2022. In North America, Bridgestone posted a 37% gain in revenue, plus an adjusted operating profit increase of 32%, 2022 versus the previous year.
"With regard to replacement tires, the economic slowdown, mainly in the U.S. and Europe, gradually materialized and tire demand slowed significantly during the fourth quarter," say Bridgestone officials.
At the same time, demand for high-diameter consumer tires "remained relatively strong" - as did demand for premium commercial truck and bus tires - in North America.
In the original equipment channel, "demand continued to decline" during the first half of 2022 due to the impact of reduced new vehicle production.
"In the second half, however, as production of new vehicles started to recover, the sluggish demand showed signs of recovery."
Drilling down, Bridgestone's unit sales of passenger and light truck tires - as well as unit sales of commercial truck and bus tires - surpassed 2021 sales. Mining and construction tires also exhibited "strong performance" during 2022.