TOKYO (May 29, 2002) — Yokohama Rubber Co. Ltd. is forecasting gains in both sales and earnings for fiscal 2003 after posting positive results for fiscal 2002.
For the year ended March 31, Yokohama reported gains of 14.4 and 3.1 percent, respectively, for operating income and sales. Net earnings hit $58.9 million, or 1.8 percent of sales, while sales advanced to $3.2 billion and operating earnings hit $176.4 million.
Yokohama's tire group outperformed the multiple business group last year, posting a 35.9-percent jump in operating earnings to $124.5 million and a 5-percent increase in sales to $2.27 billion.
Yokohama's businesses in North America rose 9.5 percent to $539.8 million as the units returned to the black after reporting a $12 million loss in fiscal 2001 due to the amortization of goodwill.
For fiscal 2003, the company sees net income rising 15.4 percent and sales 1.3 percent.