Despite third quarter losses, Toyo Tire Corp. officials say they "are witnessing an earlier than expected recovery, though things vary somewhat among different markets."
The company's net sales fell 11.1% from 3Q 2019 to 3Q 2020, while its third quarter operating income decreased nearly 17% year-over-year.
Sales in Toyo's tire business decreased by 9.5% from the third quarter of 2019 to the same period this year. Operating income dropped 14.5% year-over-year. (Toyo's automotive parts division posted a larger loss of 22.7%, 3Q 2019 to 3Q 2020.)
"The overall economic outlook remains uncertain due to the lingering impact of the spread of COVID-19," say Toyo officials. Due to this, Toyo has revised its full-year 2020 projections.
