OSAKA, Japan (Nov. 10, 2010)—Toyo Tire & Rubber Co. Ltd. had a 35.4-percent decline in net earnings for its second quarter, but remained solidly in the black for the first half.
The Japanese tire maker said for the three months ended Sept. 10, its operating income fell 15.9 percent to $17.2 million while sales rose 6 percent to $830 million.
For the half year, Toyo reported net income of $11.2 million and operating profits of $47.6 million, as sales increased 10.7-percent to $1.67 billion. The firm was in the red a year ago.
The company's tire business suffered a 59.3-percent drop in second quarter operating income, to $5.95 million, while sales edged up 4.4 percent to $593.5 million. For the six months, operating income stood at $29.2 million vs. a loss of more than $13 million a year ago. Sales rose 8.4 percent to $1.21 billion.
Toyo's sales in North America jumped 17.5 and 16.9 percent, respectively, for the quarter and half to $270.1 million and $540.8 million. Tires sold in North America were up 8 percent in the first half over 2009, Toyo said, reversing declining sales the past two years.