HYOGO, Japan — Toyo Tire Corp.'s operating income surged 78.5% to $138.5 million for the second quarter, ended June 30, on a 7.1% jump in sales to $936 million, compared with the year-ago quarter.
Net income increased 21.4% to $178.9 million.
The tire business unit increased its operating profit by 66.1% to $136.2 million on an 8.2% jump in sales to $864.1 million for the quarter.
For the first half of the year, operating income surged 78.3% to $305 million, as net sales increased 3% to a record $1.75 billion, compared with the year-ago period.
Net income jumped 44.2% to a record $269.4 million.
The company said the earnings were "buoyed by external factors such as ocean freight cost and forex, as well as successful sales promotion of priority products."
The tire business unit boosted its operating income 71.2% to $300.8 million as sales edged up 3.6% to $1.61 billion.
The North American market saw the greatest jump in sales, 6.6% to $1.19 billion for the first half.
Given its performance up to the end of the second quarter, Toyo revised upward its fiscal 2024 earnings forecast to $519.5 million, from its previous forecast of $500 million.
