OSAKA, Japan (Nov. 18)—Toyo Tire & Rubber Co. Ltd. more than doubled its operating and net income for the half-year ended Sept. 30 as sales, buoyed by double-digit growth in North America, increased 6.7 percent.
The improvements prompted Toyo management to boost the firm's sales and earnings forecasts for the fiscal year ending March 31.
For the half-year, Toyo reported a 120.8-percent increase in operating income to $37.7 million and a 151.2-percent jump in net income to $19.6 million, crediting expanded sales, lower-than-expected raw materials cost hikes and a more stable yen/dollar exchange rate for the improvements.
Sales rose to $1.16 billion, with overseas sales growing nearly 20 percent, led by nearly 25-percent growth in North America to $303.5 million.
Among Toyo's operating units, tires reported a 147.9-percent jump in operating income to $37.3 million on 9.9-percent better sales of $738 million.