Yokohama Rubber Corp. said its fiscal 2013 sales and earnings performance reflected a recovery in tire business in North America and China and sales of winter tires in Japan.
In addition, earnings benefited from a decline in raw material costs and from the weakening of the yen against the U.S. dollar.
Net income at Yokohama in 2013 increased 7.3% over the previous year, to 35 billion yen, on a 14% increase in operating income, to 56.6 billion yen, and a 7.5% increase in net sales, to 601.6 billion yen.
Operating income in Yokohama’s tire operations increased 6.1%, to 46 billion yen, and sales increased 7.9%, to 479.5 billion yen. In overseas business, the recovery in sales volume in North America and in China offset the adverse effects of slumping demand in Russia and elsewhere in Europe and escalating price competition worldwide.
In fiscal 2014, Yokohama projects net income will reach 37.5 billion yen on operating income of 63 billion yen and net sales of 647 billion yen.