TOKYO—Bridgestone Corp.'s flexibility in pushing successful tire areas and "strategic price management" helped the world's second-largest tire manufacturer to weather much of the chaos that beset the 2022 fiscal year.
With net sales of $31.3 billion in 2022, Bridgestone witnessed a 27-percent increase over 2021's $24.7 billion in net sales. Adjusted operating profit in 2022 registered $3.68 billion, a margin of 12 percent, according to Bridgestone's year-end financial report.
"While the recession in Europe became apparent, the uncertainty about the U.S. economy growing in the second half of the year (was a concern)," Bridgestone stated in the recently published financial report.
In addition, there were various "management risks" that occurred in the first half of last year, such as the suspension of domestic production in Russia and tire exports to Russia, lockdowns in China and a cyber incident at an air springs subsidiary in the Americas.
"While restrictions on economic activity due to COVID-19 have been relaxed in many countries, raw material prices have skyrocketed and supply chains have been in turmoil due to the prolonged situation in Ukraine and the lockdowns in China, and accelerating inflation has heightened uncertainty about the outlook for the global economy," the company said.