Bridgestone revises down 2024 forecasts despite first-half gains

Tokyo – Bridgestone Corp. has reported an 11.9% year-on-year increase in first-half operating income, to Yen280.4 billion, on sales 3.6% higher at Yen2,176.8 billion for the six months ended June.

However, the Japanese group has revised down its full-year forecasts for adjusted operating income by 7.5% to  Yen490 billion and sales by 0.5% to Yen4,410 billion – from its forecasts issued in February,

Explaining the revision, Bridgestone said that “the Latin America business situation has deteriorated more than expected” though adding that circumstances should improve in the second half of the fiscal year.

“While the group is strengthening damage control to move past the worst period in the first half of the fiscal year, there is a significant negative impact for the full year,” added Bridgestone.

Elsewhere, Bridgestone said that growth in North America “had been lower than expected... although the group plans to recover in the second half of the fiscal year.”

Other issues included growth in the levels of low-priced tire imports on the market and “a larger-than-expected deterioration in the business environment of the diversified products business.”