HYOGO, Japan — Toyo Tire Corp. reported a slight rise in operating income for the first six months of fiscal 2022 over the same period a year ago on 20% higher sales revenue, driven mainly by the firm's tire business.
Operating income for the January-June period rose 3.7% to $213.9 million on revenue of $1.84 billion. Net income jumped 50.1% to $255.6 million.
Based on the first-half results and Toyo's projections for the second half, Toyo raised its full-year earnings forecast 13% to nearly $500 million.
Toyo's tire business, which accounts for 91% of the corporation's sales, posted a 22.5% increase in revenue, to $1.68 billion, along with a 2% improvement in operating income.
North America led the way, with sales up nearly 35% in the period to $1.22 billion, or nearly two-thirds of Toyo's revenue for the period.
For the full year, Toyo raised the sales forecast 3.6% over the May 2022 projection to about $4.15 billion. That amount of revenue, however, would be 27% up over fiscal 2021.
The earnings forecast was unchanged at 10% of revenue. Compared with 2021, though, it represents a drop of nearly 6%, Toyo said.
