HYOGO, Japan — Toyo Tire Corp. reported significant improvements in sales and operating income for the six months ended June 30, mainly due to the strong performance of its tires business unit.
Operating income for the period rose 240% year-on-year to $247 million, on 23.8% higher sales of $1.7 billion, Toyo announced Aug. 10.
The tire business unit posted net sales of $1.5 billion for the six-month period, up 23.8% over the comparable 2020 period. The segment's operating income rose 186.5% to just under $256 million for the period.
Toyo's tires operations reported growth in all regions, including Japan, North America and others.
Sales particularly improved in North America, with a 34% year-on-year increase to $998 million.
Toyo's automotive parts business unit performed stronger than last year, posting a 23.3% increase in sales to $183 million, and narrowing loss to $8.6 million, up from a loss of $16.5 million reported in 2020.
For the full year, Toyo said it estimated sales to come in at $3.6 billion, up 14% compared with 2020. Operating profit is expected to reach $439 million, more than 32% above last year's levels.