OSAKA, Japan—Toyo Tire & Rubber Co. Ltd. reported slightly improved earnings and sales for the quarter ended March 31, leaving the firm's projections for fiscal 2017 unchanged.
Toyo's operating income rose 1.1 percent to $106.5 million on 2.9 percent higher sales of $862.6 million, Toyo said. This resulted in an operating ratio of 12.3 percent, down slightly from 2016.
Toyo's tire business, which represents 80 percent of corporate sales, performed slightly better, reporting 5.3 percent improved operating income of $103.6 million on 3.5 percent higher sales of $693.3 million.
Toyo's figures show the sales improvement came entirely from overseas markets, with revenue up 3.4 percent in North America to $398 million and 14.9 percent in "other" markets. Sales in Japan slipped 4 percent.