TOKYO (May 27, 2003) — Yokohama Rubber Co. Ltd.'s fiscal 2003 net income surged 37.8 percent to a record $83.2 million, with the company's North American businesses contributing a significant portion of the increase.
The Tokyo-based tire maker's sales for the year ended March 31 edged up 0.2 percent to $3.29 billion, improving the earnings/sales ratio at 2.5 percent. Operating income was up 2.1 percent, to $190.2 million.
The company credited its overseas operations in Europe, North America and Asia for its earnings improvement; conditions in Japan, on the other hand, “remained very adverse.”
Tire Group operating income rose 10.8 percent to $141.6 million as sales improved 1 percent to $2.35 billion, Yokohama said.
Operating income in North America quadrupled to $20.6 million as sales increased 4.6 percent to $579.3 million. Yokohama Tire Corp., based in Fullerton, Calif., “greatly expanded its revenues and earnings by bolstering its distribution efficiency and its financial position,” the company said.
Company executives said they expect fiscal 2004 net income to be on par with 2003 while sales should grow 2.4 percent to about $3.4 billion.