HIRATSUKA, Japan — Yokohama Rubber Co. Ltd. (YRC) broke its first-quarter sales record for the second straight year, the company announced in its earnings report for the quarter ended March 31.
Sales revenue increased 23.5% over the same period of 2023 to $1.7 billion. Last year, Yokohama reported a 10% increase over 2022 to $1.54 billion.
YRC said the strong quarter was reflective of its May 2023 acquisition of Trelleborg Wheel Systems and the creation of Yokohama TWS.
In the quarter, YRC's operating income improved 102.6% to $180 million.
"The figures for sales revenue and business profit were record-high figures for first-quarter performance at Yokohama Rubber, and the ratio of business profit to sales revenue also attained a record-high level for the first quarter at 9.8%," the company said.
YRC also noted declines in raw material costs and logistics expenses, as well as the weakening of the yen against other principal currencies, as factors impacting earnings.