TOKYO—Toyo Tire Corp. saw a significant increase in revenue and earnings for 2023, due in part to higher sales in North America and lower costs.
Operating income for the year increased 74 percent year-on-year to $548.2 million, on 11-percent higher sales of $3.9 billion, Toyo reported Feb. 14.
Revenue increased mainly by growing unit sales of tires in North America, while operating income grew due to the depreciation of the yen as well as the lower costs of raw materials and ocean freight.
Earnings improved on a $177.9 million positive impact of lower freight costs and a $18.5 million impact of lower raw materials prices.