Yokohama Rubber Co. Ltd. says sales of “high value-added products” generated record numbers for the company in 2023.
The Tokyo, Japan-based firm posted sales of $6.5 billion for the year, while achieving more than $667 million in operating profit.
“Both sales revenue and business profit increased over the previous year in Yokohama Rubber’s Tires segment,” say Yokohama officials.
“The company’s business in original equipment tires expanded as sales of vehicle models factory-fitted with Yokohama Rubber tires grew in Japan and in North America and as the company won new fitments on vehicle models.
“Those factors more than off-set the continuing weakness in Japanese automakers’ sales in China.”
Yokohama also posted year-over-year sales growth in the replacement tire channel, which in Japan “was robust.”
Its replacement tire sales “expanded, too, in China, in India and in other Asian markets outside Japan,” say Yokohama officials.
Declines in logistics expenses and raw material prices also benefited Yokohama during 2023.
Looking ahead
Yokohama projects that its earnings will again “attain record-high levels in fiscal 2024.”
Specifically, projections call for a 7.6% increase in sales and a 15.1% jump in operating profit, as well as a 16% increase in business profit.
