TOKYO—Yokohama Rubber Co. Ltd.'s North American operations returned to the black last year on 12.9-percent sales growth, contributing to a near quadrupling in fiscal 1999 net earnings for the parent company. Yokohama reported net earnings for the year ended March 31 of $25.4 million on a 3.4-percent drop in sales to $3.16 billion (converted from Japanese yen at the average rate for the 12 months).
Despite the 270-percent rise in net income and the decrease in sales, the earnings/sales ratio still was less than 1 percent.
For fiscal 2000, Yokohama expects net earnings to rise nearly 40 percent, to about $37.3 million at current exchange rates, with sales rebounding from 1999 by 2.2 percent, to $3.4 billion.
Yokohama's North American sales, which comprise tire and non-tire activities in the U.S. and Canada, rose to $577 million, or more than 18 percent of Yokohama's global sales.
The firm's North American tire sales are estimated at more than $450 million.