TOKYO (Feb. 22, 2000) — Bridgestone Corp., suffering the effects of a sharply appreciating yen, reported declines in both consolidated net sales and net earnings in fiscal 1999.
Earnings fell 15.2 percent and sales dropped 6.8 percent, despite increased unit sales of tires in nearly every principal market.
Despite a two-percent increase in dollar-denominated sales in North and South America, Bridgestone´s yen-reported sales in the Americas fell 11.8 percent vs. 1998 results to 7.63 billion, the company said. Declines in sales of agricultural and off-the-road tires and continuing business difficulties in Latin America held back the firm´s performance in the Americas — which includes the U.S. and Canadian markets and Bridgestone/Firestone Inc., the tire maker´s largest subsidiary, which is based in Nashville, Tenn.
Overall, earnings slipped to $777 million while sales fell to $18.3 billion; tire-related sales were off 7.5 percent to $14.4 billion, while non-tire products revenue slipped 4 percent to $4.15 billion.