TOKYO — Bridgestone Corp. posted a 68.3% drop in operating income and a net loss for the six months ended June 30 on 22.1% lower sales.
Bridgestone attributed the earnings and sales declines to the negative effects of the COVID-19 pandemic on the global economy.
For the full year, Bridgestone is forecasting the trend established in the first half will continue — sales will fall about 23% shy of fiscal 2019 revenue, with pre-tax operating income falling 70% short.
For the first half of fiscal 2020, Bridgestone reported operating income of $ $477.2 million on sales of $16.1 billion. The net loss was $203.7 million.
Bridgestone noted reduced volumes and currency depreciation impacts were the primary reasons for the lower earnings. Offsetting these negative factors were gains from lower raw materials and operating expenses and improved price/mix effect.