SEOUL, South Korea — Hankook Tire & Technology Ltd. reported marked improvements in operating income and sales for the quarter and half-year ended June 30 based in part on business recoveries in North America and Europe.
Hankook's second-quarter operating income more than doubled (up 167%) to $167 million on 32.4% higher revenue of $1.61 billion, the company said, yielding an operating ratio of 10.4%.
Operating income for the first half of fiscal 2021 was up 112% over fiscal 2020 at $333 million on 22.6% higher sales of $3.42 billion.
Hankook cited growth in both original equipment and replacement market business for the improvement, with demand for larger rim-diameter (18 inches and higher) tires growing faster.
In the U.S. market, sales of larger diameter tires grew at a faster pace than that of market demand recovery, Hankook said.
As it builds toward its fiscal 2021 sales goal of $6.3 billion, Hankook noted it's focusing on strengthening its supply position for electric vehicles (EVs) and high-performance cars.
Recently Volkswagen A.G. selected Hankook's Ventus S1 evo3 ev for its all-electric ID.4 SUV and the Audi e-Tron GT all-electric sports car, and BMW A.G. spec'd a bespoke version of the Hankook Ventus S1 evo Z as an OE fitment on the car maker's X3 M and X4 M models.