OSAKA, Japan—Toyo Tire & Rubber Co. Ltd. continues to grow in North America and around the world.
The Japan-based tire manufacturer posted strong sales and earnings for fiscal 2014. Sales grew 6.4 percent to about $3.3 billion, and net income more than doubled to about $261.9 million from about $97 million in 2013.
Tire sales accounted for 80 percent of the total at about $2.62 billion. North America experienced the biggest growth of any region—increasing about 15 percent to about $1.34 billion, representing 41 percent of sales and exceeding the firm's 2014 outlook by 3.2 percent.
The North America unit is nearly on par with its domestic unit, as Toyo reported sales of about $1.37 billion in Japan, a decline of 1.2 percent.
Toyo forecasts more growth of about 18.4 percent in North America this year, which would mean the continent would surpass Japan as its largest region and add about $250 million in sales for 2015.
“It's no secret that our growth is more globally rather than Japan,” said James Hawk, chairman of Toyo Tire Holdings of Americas Inc.—Toyo's North American holding company—and senior corporate officer of Toyo Tire.
“Japan as an economy is not growing very well. Really, the only growth in car sales are exports, so original equipment business has a little bit of an uptick. Replacement sales in Japan really haven't changed a lot.”