KOBE, Japan (Feb. 15, 2012) — Sumitomo Rubber Industries Ltd. reported double-digit increases in earnings and sales for 2012, led by a strong fourth-quarter performance.
Operating income rose 13.4 percent to $668.4 million on 12-percent higher sales of $8.49 billion. Net income was up 32.5 percent to $356 million, or 4.2 percent of sales.
Sumitomo did not comment on the reasons for its improvements, which were published in a quarterly “Flas Report” by the company's investor relations department.
Sales in the fourth quarter jumped 16.2 percent and operating income surged nearly 30 percent. Net earnings doubled.
The company's tire business unit reported $612.3 million in operating profit on $7.41 billion in sales, gains of 23.9 and 15 percent, respectively.
Capital expenditures jumped 55.7 percent during the year to $680.8 million; tire unit spending climbed 65 percent to $641 million.
Sumitomo did not provide regional breakdown information nor any forecast for 2013.