Toyo posts record sales, earnings

Osaka, Japan — Toyo Tire & Rubber Co. Ltd. posted record sales and earnings for fiscal 2014, with the operating margin exceeding 12 percent on the positive effects of “robust” replacement tire sales, stable raw materials prices and favourable exchange rate changes.

Operating income jumped 27.6 percent to $449.1 million (€394 million) on 6.4-percent higher sales of $3.72 billion. Net income more than doubled to $295.3 million.

Toyo management is forecasting continued growth in 2015 – operating income up 3 percent and sales up 8 percent. Net income likely will slide, Toyo said, by about 10 percent.

Toyo’s tire business led the way for Toyo last year, reporting 34.1 percent operating income of $428.3 million on 7.8-percent higher sales of $2.95 billion, for an operating ratio of 14.5 percent.