TOKYO (May 9, 2014) — Bridgestone Corp. recorded 56.3- and 67-percent gains in operating and net income in the quarter ended March 31 on 8.6-percent better sales.
Operating income in the first quarter jumped to $1.09 billion on sales of $8.05 billion, while net earnings rose to $670.7 million.
Bridgestone did not enumerate reasons for the above-average gains in earnings.
Bridgestone’s tire business performed on par with the overall corporate results — operating income up 56 percent to $996 million on 8-percent higher sales of $6.79 billion.
Bridgestone said unit sales of consumer and commercial vehicle tires were up in Japan, the Americas and Europe, but consumer sales in Asia/Pacific were flat with the 2013 first quarter and commercial sales were down. Global sales of off-the-road tires fell “substantially” from 2013 as demand in this sector waned.
Bridgestone’s sales in the Americas (tire and not-tire businesses combined) were up 8 percent to $3.6 billion, while operating profit of $314 million was unchanged from a year go.
The company noted that industrywide shipments were up in North America: 2 percent for consumer replacement; 3 percent of consumer OE; 2 percent for commercial replacement; and 19 percent for commercial OE.
For the full year, Bridgestone said it expects the North America consumer and commercial tire replacement markets to grow by 6 and 8 percent, respectively.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|