Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Tire
    • Airless Tires
    • Non-Tire
    • More News
    • Suppliers
    • Silicone
    • Latex
    • Technical Notebooks
    • Opinion
    • Online Exclusive
    • Special Reports
    • Automotive
    • Executive Action
    • Government/Legal
    • Sustainability
    • Blogs
      • Products
      • Wacky World of Rubber
    • Best Places to Work
    • War in Ukraine
    • Rubber Division IEC
    • ITEC
    • Women Breaking the Mold
  • PFAS
  • Custom
    • Sponsored Content
    • White Papers
  • Resources
    • Directory
    • Classifieds & Mold Mart
  • Data
  • Events
    • RN Events
    • RN Livestreams/Webinars
    • Industry Events
    • Past Events
    • Rubber News M&A Live
    • PFAS Live
    • Ask the Expert
    • International Tire Exhibition & Conference (ITEC)
    • Women Breaking the Mold Networking Forum
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
March 04, 2014 01:00 AM

Sumitomo projects growth in sales, earnings

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    KOBE, Japan—Sumitomo Rubber Industries Ltd. is projecting 6 percent growth in sales this year, led by its tire and industrial products businesses, along with 4 percent growth in earnings.

    Sumitomo's projections come on top of double-digit gains in operating and net income in fiscal 2013.

    SRI is forecasting fiscal 2014 operating income of about $78 million on sales of $8.2 billion. The Kobe-based tire and rubber goods maker expects to benefit from stable or falling raw materials prices and the effects of increased volume and a better product mix, while falling pricing is expected to be a drag on earnings.

    Tire business unit sales revenues should grow about 6 percent, SRI said, based on strong overseas sales offsetting flat to slightly lower domestic demand.

    The company projects its tire plants will be operating at 95 percent of capacity this year, up from 90 percent last year. Global capacity is expected to rise 4 percent this year to 54,400 metric tons per month; Sumitomo has a new plant in Brazil ramping up this year and has acquired a plant in South Africa, along with Dunlop-brand assets in Africa, from India's Apollo Tyres Ltd.

    Tire sales volume in North America—Sumitomo brand through TBC Corp.'s wholesale network and the Falken and Ohtsu brands through Falken Tire Corp.—should be up about 7 percent this year, SRI said, after falling 6 percent last year.

    Despite the lower unit sales, SRI's sales revenue in North America rose 9.7 percent to $913 million.

    Globally, SRI reported 10.5-percent higher operating earnings for 2013 of $788.7 million while net income jumped 26.4 percent to $458.5 million. Sales revenue increased 9.9 percent to $7.99 billion.

    SRI's tire business also reported 10.5 percent better operating income, to $715.5 million, on 10 percent higher sales of $6.97 billion, for a 10.3 percent operating ratio.

    Related Articles
    Sumitomo completes purchase of Apollo unit
    Sumitomo's sales and income up
    Goodyear wants to end alliance with Sumitomo
    Sumitomo inaugurates farm tire plant in Thailand
    Falken to replace Ohtsu brand name in commercial tires
    TBC expands Sumitomo brand offerings
    Letter
    to the
    Editor

    Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    Most Popular
    1
    Stephenie Davis, Davis Industrial | Women Breaking the Mold
    2
    3 key issues the UAW is fighting for in Detroit 3 contracts
    3
    Breaking molds, inspiring an entire industry | Women Breaking the Mold 2023
    4
    Updated: Arlanxeo to close butyl plant in Belgium
    5
    GM idles Kansas plant, Stellantis enacts layoffs as UAW strike continues
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • News
      • Tire
      • Airless Tires
      • Non-Tire
      • More News
        • Automotive
        • Executive Action
        • Government/Legal
        • Sustainability
        • Blogs
          • Products
          • Wacky World of Rubber
      • Suppliers
      • Silicone
      • Latex
      • Technical Notebooks
      • Opinion
      • Online Exclusive
      • Special Reports
        • Best Places to Work
        • War in Ukraine
        • Rubber Division IEC
        • ITEC
        • Women Breaking the Mold
    • PFAS
    • Custom
      • Sponsored Content
      • White Papers
    • Resources
      • Directory
      • Classifieds & Mold Mart
    • Data
    • Events
      • RN Events
        • International Tire Exhibition & Conference (ITEC)
        • Women Breaking the Mold Networking Forum
      • RN Livestreams/Webinars
      • Industry Events
      • Past Events
      • Rubber News M&A Live
      • PFAS Live
      • Ask the Expert
    • Advertise
    • DIGITAL EDITION