KOBE, Japan—Sumitomo Rubber Industries Ltd. reported double digit gains in sales and earnings for the quarter that ended Sept. 30, reversing two quarters of earnings declines.
Operating income for the third quarter rose 13.4 percent to $131.3 million while sales grew 12 percent to $1.88 billion. Net earnings jumped 27 percent to $93.7 million.
Despite the rise in operating income in the quarter, Sumitomo's operating income for the nine months of $434.4 million was still behind the 2012 period by 1.7 percent. Nine month sales were up 6.4 percent to $5.38 billion, while net income was up 7.5 percent to $250.2 million.
Sumitomo did not comment on the reasons for its earnings or sales improvements, which are posted in a "Flash Report" on the company's website.
The firm's tire division reported 16.7 percent higher operating earnings in the quarter of $12.2 million on 12.4 percent better sales of $1.65 billion.
For the first three quarters of 2013, the tire division's operating income was up 0.3 percent to $389.5 million on 6.4 percent better sales of $4.66 billion, for an operating ratio of 8.4 percent.
The company did not provide geographical region breakdowns.