Toyo withdraws 2020 financial outlook

Hyogo, Japan – Toyo Tire Corp. has withdrawn its full year financial forecast for the year ending 31 December, due to uncertainties caused by Covid-19 pandemic.

In a statement 14 Feb, the company projected net sales of Yen386 billion (€3.3 billion) and operating income of Yen44 billion for the full year.

Toyo, however, withdrew the guidance on 12 May, stating that the outbreak of Covid-19 and global restrictions on movement had impacted the purchasing behaviour of consumers.

“We are experiencing a setback in demand as consumer spending showed a sharp downturn in our key sales territories and elsewhere,” said a Toyo statement. 

In addition, the company saw its sales operations ‘curtailed’ due to global lockdowns while demand from car makers fell, due to production halts. 

Toyo said it was unable to make “informed forecasts” of its business results due to uncertainties surrounding Covid-19 at the moment.