TOKYO—Bridgestone Corp. reported gains in both sales and income for the first half of 2017.
Sales increased by 5.8 percent to $15.5 billion and net income increased 6.9 percent to $1.17 billion, the firm said in its second quarter financial report released June 30.
The tire division reported similar results—sales increased 6.4 percent to $12.8 billion. Globally, unit sales of passenger/light truck tires rose 3 percent, with sales of larger rim diameter (18 inches and larger) tires up 20 percent. Truck/bus radial sales were up 9 percent.
The firm's non-tire/diversified products segment reported a 3 percent gain in sales to $2.85 billion.
Bridgestone said unit sales of passenger/light truck tires in North America fell, but sales of truck/bus tires experienced strong increases compared to 2016. In Europe, Japan and China/Asia-Pacific, unit sales were up for passenger/light truck tires and truck/bus tires.
Sales of large and ultra-large OTR tires were up 145 and 115 percent, respectively, worldwide compared to 2016.
Bridgestone's net sales in the Americas increased 5 percent to $7.68 billion, but operating income for the region dropped 12.9 percent to $802 million.
Bridgestone is raising its sales and profit forecasts for the full fiscal year by 1.9 and 2.7 percent over its earlier projections, yielding a 12.5 percent operating ratio, this despite reporting a 7.3 percent decline in operating income to $1.8 billion thanks to increasing raw materials costs.
The company anticipates fiscal 2017 passenger/light truck tire sales growth of 5 percent and 6 to 10 percent for truck/bus tires.
In North America, Bridgestone sees demand for passenger/light truck tires to be flat compared 2016 in both OE and replacement, whereas demand for truck tires should continue at a 6 percent to 10 percent pace.