TOKYO (Nov. 9, 2010) — Bridgestone Corp. more than doubled its net income in the quarter ended Sept. 30 on 5.5-percent higher sales of $8.21 billion.
Net income of $259.1 million in the third quarter pushed the firm's net for nine months to $745.9 million on 11.6-percent higher sales of $23.4 billion. A year ago Bridgestone was more than $300 million in the red on a net basis.
Operating earnings rose 10.7 percent in the quarter to $407.2 million and were up more than ninefold for the nine months to $1.27 billion, or 5.4 percent of sales.
Bridgestone said it achieved the earnings improvements despite the negative effects of rising raw materials prices and the appreciating yen.
Bridgestone attributed the improved sales to business growth in all its geographic segments, led by Japan and Asia, particularly China.
The firm's tire segment reported operating earnings of $388.5 million for the quarter and $1.16 billion for the nine months on sales of $6.79 billion and $19.3 billion, respectively.
The company cited increased demand in all its major markets for the sales gains. Passenger car/light truck sales in the Americas, for example, were up 21 percent and truck tires 24 percent in the first half, Bridgestone said.
The Americas business segment—which comprises both tire and non-tire businesses in North and South America—reported 69-percent earnings growth and 9-percent higher sales for the nine months.