TOKYO (May 9, 2014) — Yokohama Rubber Co. Ltd. (YRC)recorded double-digit gains in operating and net income in the quarter ended March 31 on 9.6-percent higher sales.
Operating income rose 18 percent to $114.1 million, while net income gained 14.8 percent to $63.1 million, Yokohama said, reflecting robust growth both domestically and internationally as well as falling raw materials costs.
Sales rose to $1.36 billion on revenue gains in Japan, North America and Asia. Sales in other regions — Europe and Oceania, primarily — fell 24 percent.
Yokohama's tire operations registered a 62.9-percent jump in operating income to $90.3 million on 9.4-percent higher sales of $1.07 billion. The sales growth reflected strong OE and aftermarket demand domestically, YRC said, as well as recovering sales in North America and China.
Yokohama projects net income for the six months ending June 30 will rise 4 percnet over 2013, on 31-percent better operating income and 10.5-percent higher sales.