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December 05, 2002 01:00 AM

Bridgestone: '02 net lower globally, but up 40% in Americas

Tire Business Staff
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    TOKYO (Dec. 5, 2002) — Bridgestone Corp. has revised downward by about 40 percent its earnings forecast for fiscal 2002, but said at the same time that Bridgestone/Firestone Americas Holding Inc. (BFAH) should report net income about 40 percent higher than projected earlier.

    Based on the latest estimates, Bridgestone Corp. expects to report net income of $322 million on sales of more than $18 billion. Bridgestone revised its earnings forecast downward by more than $240 million after announcing a $400 million capital infusion for its European activities. (See separate story.)

    In the Americas, BFAH's net income should rise to $70 million, while operating income and sales should hit the earlier projections of $190 million and $7.6 billion, respectively.

    “Although the company's performance is not yet where we ultimately want it to be, the numbers clearly show that we've stabilized the business and our comeback is well ahead of schedule,” said Mike Gorey, controller and vice president of BFAH.

    “A lot of the credit goes to the hard work of our 51,000 employees and our loyal stores and dealers across the Americas.”

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