TOKYO (May 16, 2011)—Despite rising raw materials prices and the negative effects of the March 11 earthquake and tsunami in Japan, Bridgestone Corp. reported double-digit gains in operating and net income for the quarter ended March 31 on 6.9-percent higher sales.
Bridgestone's operating and net income rose 55.2 and 77.6 percent, respectively, to $679.7 million and $381.1 million. Sales rose to $8.57 billion.
Geographically speaking, Bridgestone reported 7-percent revenue gains in the Americas and Europe, while the domestic market produced a 4-percent gain. Revenue from other areas—Asia/Pacific outside of Japan, primarily—achieved 19-percent better sales.
Bridgestone's tire segment reported 64.7-percent better operating earnings of $663 million on 7.9-percent higher sales of $7.19 billion, yielding a 9.2-percent operating ratio, up from 6 percent a year ago.
The Tokyo-based tire maker reported increases in demand for its tires in nearly all segments and sectors, with OE demand in Japan—adversely affected by the earthquake and its after-effects—the one notable exception. Consumer tire growth in North America was led by a revived OE market and demand for ultra-high-performance and other “strategic” products, the company said.
Globally, unit sales of large and ultra-large radial OTR tires “significantly” exceeded the 2010 first quarter.