SEOUL, South Korea—Hankook Tire Co. Inc. said its quarterly revenue gained 0.8 percent year-over-year to $1.62 billion, according to its latest financial report.
The tire maker reported that its operating income improved 9.9 percent to $219.6 million, crediting the increase to its expanding original equipment market with European and Japanese car manufacturers. Hankook recently has been chosen as the supplier for the new Mercedes-Benz S-Class and the Mercedes-Benz E-Class, and it has OE agreements in place with the BMW 1, 3 and 5 Series.
Hankook said its operating margin improved 13.6 percent, a percentage point higher than a year ago.
Hankook did not disclose net earnings or any data related to regional performance.
"Our expanding premium OE portfolio was the key attribute behind this quarter's solid business performance …" said Seung Hwa Suh, Hankook Vice Chairman and CEO.
Suh also noted Hankook's ongoing investment program—a new Indonesia plant, plans for a U.S. plant and research and development expansions in Korea—represents a "stronger springboard for growth."