KOBE, Japan (Feb. 15, 2011)—Sumitomo Rubber Industries Ltd. more than doubled its net income last year to $244 million on 15.3-percent higher sales.
Sumitomo reported 65.5-percent higher operating income of $541.6 million as sales reached $6.88 billion. The company sells Sumitomo and Falken brand tires worldwide and controls the Dunlop brand in Japan and selected Asian markets,
The company did not comment on the reasons for its improvements. The tire segment reported 75.1-percent higher operating income of $448.7 million on 18.5-percent better sales of $5.85 billion. The income/sales ratio improved more than two percentage points to 7.7 percent.
Tire segment capital spending was up 3.2 percent to $352.7 million.
Sumitomo sales in North America grew 9.3 percent to $927.9 million