TOKYO—Yokohama Rubber Co. Ltd. said it achieved record sales and earnings for the first three quarters of 2014.
Net sales increased 4.2 percent compared to 2013, at about $3.75 billion, while net income increased 27.4 percent to about $220 million. Operating income also increased 6.5 percent to about $280 million.
The firm said growth with the original equipment business in Japan as well as overseas markets helped lead to the growth in sales within its core tire operations. Increased demand for industrial products, sealants and adhesives, and golf equipment also contributed.
Yokohama said declining prices for raw materials and the weakening of the yen contributed to the increase in profitability.
Net sales in tires increased to about $2.94 billion, up about 4.4 percent compared to 2013's nine-month period. The firm cited increased demand from Japanese OEMs as the primary reason for the increase.
Sales in industrial products increased 4.3 percent compared to 2013, to about $640 million thanks to expanded business in sealants and adhesives and in electronic materials, led by gains in the construction sector, Yokohama said.
Its other products segments' sales increased 1 percent to about $160 million, which the firm said consists mainly of aircraft fixtures and components and golf equipment. Yokohama's egg golf clubs led sales in that area, while sales were basically unchanged in aircraft fixtures and components. The firm said gains in the private sector were offset by a decline in the government sector.