SEOUL, South Korea (May 8, 2012)—Nexen Tire Corp. reported 36.5-percent higher operating income for the first quarter on 23.7-percent higher sales.
Nexen, the No. 3 Korean tire maker, reported operating income of $45.2 million for the first quarter. Sales jumped to $360 million.
Nexen did not provide commentary on the results, but did disclose a chart that shows the firm's original equipment sales— which account for less than 15 percent of revenue—jumped 44 percent over the 2011 first quarter and replacement sales rose 22.4 percent.
North America, at $108 million, is Nexen's single largest market for replacement sales, the data show, ahead of Europe at $65 million.