KOBE, Japan (Aug. 13, 2010)—Sumitomo Rubber Industries Ltd.'s fiscal 2010 earnings rebound continued into the second quarter, helping push the company $114 million into the black for the first half.
Sales for the six months ended June 30 jumped 22.2 percent to $3.07 billion and operating earnings were $222.3 million, or 7.2 percent of sales. The comparable 2009 period showed operating and net losses.
The firm's Tire Business Staff Reported operating income of $167.9 million for the half-year, with sales up 25.8 percent to $2.56 billion.
The company's sports and industrial products businesses did perform as well, reporting sales increases of 6 and 7 percent, respectively, although both were in the black.
Sumitomo reported half-year sales in North America of $503.1 million—a 24.2-percent jump over the 2009 period.