TOKYO — Bridgestone Corp. has raised its sales and operating profit estimates for fiscal 2020 due to a recovery in the business environment following the lifting of COVID-19 restrictions.
The Japanese tire maker revised upward by 7% its revenue forecast from that issued at mid-year to roughly $27.2 billion, but this new figure is still about 17% lower than the fiscal 2019 revenue.
Bridgestone also revised its estimate for adjusted operating profit, raising it by 50% to $1.4 billion, or 5.2% of sales, from the mid-year forecast. The new estimate is 55% less than the fiscal 2019 figure.
The firm said the forecast was based on the assumption that global economic activities and the recovery in the tire market are not impacted by a second wave of CVOID restrictions in the fourth quarter.