Toyo Tire Corp. achieved record sales for its second quarter period, $1.8 billion, up from $1.6 billion a year ago – driven mainly by growing sales of light truck tires in North America.
Net sales grew 18% from the second quarter of 2022 along with the operating income growing 2.7% higher than last year.
Profit to owners of parent company came in at $201.3 million, down from $227.5 million a year ago, which represents a “year-on-year decrease primarily owing to a decrease in gain on sale of securities,” according to the company.
The operating income increased year-on-year to $184.7 million, due to external factors such as ocean freight cost, forex and other factors.
Toyo revised its full-year forecast upward for overall sales, operating income and profit. The new forecast calls for net sales 12.6% higher than those recorded in 2022, exceeding $3.8 billion. The company expects operating income to increase 36% year-over-year, and profit attributable to the owners of the parent to rise more than 14%, from $200.6 million to $380.4 million.
Tire Sales
Net sales for tires in the first half of 2023 equaled $1.7 billion – an 18.9% increase from 2022.
Operating income for tires in 2023’s first half of the year was $189.5 million, a 0.2% change from 2022.
In North America, the net sales equaled $1.2 billion compared to last year's $1.01 billion net sales. In North America, the operating income was $68.9 million compared to last year's $76.4 million.
Toyo forecasts the 2023 net sales to equal $3.8 billion.
The 2023 forecast for tire net sales is now more than $3.5 billion, up from the previous forecast of $3.4 billion.
In North America, the forecast is $2.5 billion in net sales, up from the previous forecast of $2.4 billion.
