TOYO TIRE CORPORATION Toyo Tire Corporation revised earnings guidance for the fiscal year ending December 31, 2023. For the year, the company expected net sales of JPY 560,000 million up from the previous guidance of JPY 540,000 million. Operating income of JPY 60,000 million up from the previous guidance of JPY 50,000 million.
Profit attributable to owners of parent of JPY 55,000 million up from the previous guidance for JPY 29,000 million. Earnings per share JPY 357.22 up from the previous guidance of JPY 188.37. For the cumulative second quarter of the fiscal year ending December 31, 2023, operating income and ordinary income outperformed previous forecasts announced on February 14, 2023, as rises in raw materials prices and ocean freight costs turned out to be lower than expected, the yen was weaker than anticipated against foreign currencies, and the benefits of cost-cutting measures were felt.
In a similar vein, profit attributable to owners of parent overshot previous forecasts announced on February 14, 2023, owing to the factors contributing to a gain in profits, although the company recorded an extraordinary loss.
