TOKYO (Nov. 5, 2008)—Bridgestone Corp. saw its net profits fall substantially on lower sales volumes for its first nine months of the year, while higher prices offset the reduced volumes, leading to sales levels on par with a year ago.
The company reported net sales for the nine months ended Sept. 30 at $24.1 billion, up about 1 percent from a year ago, based on the Sept. 30 exchange rate. Operating income decreased by 27 percent for the nine months compared to 2007 to $1.15 billion, and net income dropped 40 percent to $477 million.
For the nine-month period, Bridgestone said volatility in markets had been a defining characteristic, with signs of a slow-down in Japan and in Europe, while North America slowed significantly.