Mike Jung
11-01-2007, 11:15 PM
Bridgestone profits up on tire sales surge
November 01, 2007 8:57 AM EDT
Associated Press
TOKYO – Bridgestone, the world's largest tire and rubber products maker by sales, posted a 64-percent jump in profit Thursday for the first nine months of this year, boosted by brisk sales of tires.
Profit at Bridgestone Corp. climbed to 82.34 billion yen ($714.1 million) for the nine month through September from 50.06 billion yen the same period the previous year.
Sales soared 14 percent to 2.467 trillion yen ($21.40 billion) during that period. Bridgestone did not break down quarterly numbers.
By tire sales volume, Bridgestone is competing against Michelin SA of France for the world's top spot, but it surpasses Michelin in global revenue.
Bridgestone's profit in tires was robust, despite the rising cost of oil and other raw materials, as the company introduced new products and invested in overseas production, it said in a statement.
The Tokyo-based company also manufacturers other industrial rubber and chemical products, but tires are its biggest business, accounting for 80 percent of sales.
Tire sales were flat in Japan, where the auto market has been stagnant, but they rose in North America, Europe and other regions, it said.
Bridgestone kept steady its outlook for the fiscal year ending March 2008 at 109.0 billion yen ($945 million), compared with 85.1 billion yen last year. Sales projection also stood unchanged at 3.370 trillion yen ($29.23 billion).
The absence this year of last year's one-time loss of 17.8 billion yen ($154.4 million) for closing two tire plants in the Americas also helped results, the company said.
Last month, Bridgestone said it will spend 250 billion yen ($2.17 billion) annually over the next five years to boost tire production capacity.
Under its latest business plan, Bridgestone hopes to increase annual sales to about 4 trillion yen ($35 billion) in 2012.
Bridgestone shares inched up 0.8 percent in Tokyo to 2,555 yen ($22) shortly before earnings were released.
Who would of thought ?
November 01, 2007 8:57 AM EDT
Associated Press
TOKYO – Bridgestone, the world's largest tire and rubber products maker by sales, posted a 64-percent jump in profit Thursday for the first nine months of this year, boosted by brisk sales of tires.
Profit at Bridgestone Corp. climbed to 82.34 billion yen ($714.1 million) for the nine month through September from 50.06 billion yen the same period the previous year.
Sales soared 14 percent to 2.467 trillion yen ($21.40 billion) during that period. Bridgestone did not break down quarterly numbers.
By tire sales volume, Bridgestone is competing against Michelin SA of France for the world's top spot, but it surpasses Michelin in global revenue.
Bridgestone's profit in tires was robust, despite the rising cost of oil and other raw materials, as the company introduced new products and invested in overseas production, it said in a statement.
The Tokyo-based company also manufacturers other industrial rubber and chemical products, but tires are its biggest business, accounting for 80 percent of sales.
Tire sales were flat in Japan, where the auto market has been stagnant, but they rose in North America, Europe and other regions, it said.
Bridgestone kept steady its outlook for the fiscal year ending March 2008 at 109.0 billion yen ($945 million), compared with 85.1 billion yen last year. Sales projection also stood unchanged at 3.370 trillion yen ($29.23 billion).
The absence this year of last year's one-time loss of 17.8 billion yen ($154.4 million) for closing two tire plants in the Americas also helped results, the company said.
Last month, Bridgestone said it will spend 250 billion yen ($2.17 billion) annually over the next five years to boost tire production capacity.
Under its latest business plan, Bridgestone hopes to increase annual sales to about 4 trillion yen ($35 billion) in 2012.
Bridgestone shares inched up 0.8 percent in Tokyo to 2,555 yen ($22) shortly before earnings were released.
Who would of thought ?