KOBE, Japan—Sumitomo Rubber Industries Ltd. reported double-digit gains in operating income for the quarter and nine months ended Sept. 30, while sales fell 1 percent in the quarter slowing the growth for the year-to-date to 6.9 percent.
Third-quarter operating income rose 19.4 percent to $146.8 million on sales of $2.13 billion, yielding an earnings ratio of 6.9 percent, the company said. Net income increased 37.5 percent to $84.6 million.
Nine-month operating earnings grew 48.8 percent to $560.4 million on sales of $6.41 billion. Net profits rose 67.6 percent to $275.1 million.
Sumitomo Rubber's tire business reported third-quarter operating income of $134 million, up 11.8 percent over the 2011 quarter. Sales fell 2.3 percent to $1.86 billion. For the nine months, operating earnings rose 40.4 percent to $492.6 million, while sales grew 6.6 percent to $5.56 billion.