Bridgestone's first half profits exceeds expectations

ERJ staff report (DS)

Tokyo -- Bridgestone Corp shrugged off the effects of the Japanese earthquake in March to report higher sales and profits for the six months to June 2011.

Sales rose by 5 percent year on year to yen 1459 billion (euro 13 240 million). This was slightly below the forecast of yen 1480 million issued on 13 May. Operating income grew by 19 percent, to yen 93 600 million, almost 30 percent ahead of the 13 May forecast of yen 72 000 million. Net income was up by 22 percent, at yen 54 100 million, more than 50 percent ahead of te 13 May forecast of yen 35 000 million.

Bridgestone said it had under-estimated the impact of its efforts to reduce expenses and also its price/sales mix had been more succesful than forecast in te 13 May projections.

In the tyre segment, sales revenue increased by 6 percent in the six months, to yen 1221 billion; operating income rose 22 percent, to yen 89 700 million.

In the non-tyre segment, sales were unchanged at yen 245 billion, but operating profits fell by half to yen 3800 million.

Bridgestone also issued new guidance for the full year. it now expects sales to be yen 3.13 million million, down by 1.9 percent on the previous forecast, whereas operating income will reach yen 194 000 million, an increase of 16 percent on the previous forecast.

Bridgestone said it will not appeal against the EU decision to impose a euro 58 million fine in connection with anti-competitive activities in the marine hose market.

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Press release (H1 results) from Bridgestone

Press release from source