Toyo Achieves First Quarter Income High

May 14, 2024

Toyo Tire Corp. posted net sales of around $815 million during the first quarter of 2024, up 1.2% from the same period last year.

Toyo also recorded operating income of just under $166 million during 1Q 2024, a “record high for the first quarter,” according to Toyo officials.

North America generated $543.3 million in revenue for the company during 1Q 2024.

Looking back

Looking back on Toyo’s full-year 2023 results, the company achieved net sales of $3.6 billion, which represented a year-over-year increase of 11.2%, driven by growing sales in North America.

Toyo also posted operating income of $504.3 million for full-year 2023, a 74.6% jump from 2022 levels and a record high for the company.

Toyo’s Tire Business posted net sales of $3.3 billion last year, a 10.9% increase from the previous year.

Full-year forecast

Looking ahead, Toyo expects to achieve net sales of $3.57 billion for the entirety of 2024.

The company also expects to post operating income of slightly under $500 million during 2024.

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