KOBE, Japan (Feb. 20, 2008) — Sumitomo Rubber Industries Ltd. reported higher sales and operating earnings during fiscal 2007, but net income fell 29.3 percent
Operating income during the year jumped 22.7 percent to $383.1 million on 6.2-percent higher sales of $4.82 billion. Net income fell 29.3 percent to $165.5 million on significantly higher income taxes.
The sales and earnings growth was fueled primarily by Sumitomo's tire division, which accounts for 86 percent of sales and nearly 80 percent of earnings. Tire division operating earnings jumped 36.1 percent to $304.7 million on 11.1-percent higher sales of $4.06 billion.
Sporting goods sales increased 3.2 percent to $505.2 million, but industrial products sales slumped 36.7 percent to $271 million.
Sales in North America jumped 18.4 percent during the year to $647.6 million.
The company didn't comment on the earnings nor provide projections for the current fiscal year