HIRATSUKA, Japan—Yokohama Rubber Co. Ltd. (YRC) broke its first-quarter sales record for the second straight year, the company announced in its earnings report for the quarter ended March 31.
Sales revenue increased 23.5 percent over the same period of 2023 to $1.7 billion. Last year, Yokohama reported a 10-percent increase over 2022 to $1.54 billion.
YRC said the strong quarter was reflective of its May 2023 acquisition of Trelleborg Wheel Systems and the creation of Yokohama TWS.
In the quarter, YRC's operating income improved 102.6 percent to $180 million.
"The figures for sales revenue and business profit were record-high figures for first-quarter performance at Yokohama Rubber, and the ratio of business profit to sales revenue also attained a record-high level for the first quarter at 9.8 percent," the company said.
YRC also noted declines in raw material costs and logistics expenses, as well as the weakening of the yen against other principal currencies, as factors impacting earnings.
