Bridgestone lowers sales, income projections

Dec. 29, 2008
Bridgestone Corp. has lowered its sales and income projections for 2008 "due in part to decreasing tire unit sales, mainly in North America and Europe," say Bridgestone officials.

Bridgestone is now projecting net sales of 3.2 trillion yen for fiscal year 2008 versus its original projection of 3.4 trillion yen, which was made this past August.

The company expects to see net income of 12 billion yen for 2008, compared to 66 billion yen, as originally anticipated.

Bridgestone also expects to absorb "an impairment loss, mainly on intangible fixed assets related to the retread business in the Americas. The financial crisis that originated in the U.S. has had a tremendous negative impact on the world economy, contributing to the global economic slowdown."