SEOUL, South Korea—Hankook Tire & Technology Co. Ltd. reported 32.3 percent lower operating income for the quarter ended March 31 despite 10.8 percent higher sales, results the company tied to global supply-chain disruptions, rising raw material prices, the resurgence of COVID-19 and geopolitical issues.
For the quarter, operating income fell to $104.6 million on sales of $1.49 billion, yielding an operating ratio of 7 percent, down four-plus points from a year ago.
Hankook attributed the higher sales revenue to "effective pricing and distribution strategies" in major markets and a steady shift to higher value-added, larger rim-diameter tires.