Toyo Tire & Rubber Co., Ltd. Reports Consolidated Earnings Results for the Six Months Ended June 30, 2018; Revises Earnings Guidance for the Year Ending December 31, 2018
August 09, 2018 at 10:00 pm EDT
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Toyo Tire & Rubber Co., Ltd. reported consolidated earnings results for the six months ended June 30, 2018. For the six months, the company reported net sales of ¥185,738 million compared to ¥192,041 million, operating income of ¥20,805 million compared to ¥21,834 million, ordinary income of ¥19,009 million compared to ¥18,695 million, profit before income taxes of ¥8,247 million compared to ¥16,714 million, and profit attributable to owners of parent of ¥7,068 million or ¥55.66 per share compared to ¥11,076 million a year ago. For the cumulative second quarter of the fiscal year, profit attributable to parent company shareholders fell short of the forecast announced May 11, 2018, because of the extraordinary loss. Net cash provided by operating activities was ¥12,382 million compared to ¥4,006 million, additions to property, plant and equipment was ¥11,345 million compared to ¥11,261 million and additions to intangible assets was ¥433 million compared to ¥167 million a year ago.
The company revised earnings guidance for the year ending December 31, 2018. For the year, the company now expects net sales of ¥395,000 million compared to previously forecast of ¥400,000 million, operating income of ¥45,000 million compared to previously forecast of ¥47,000 million, ordinary income of ¥42,000 million compared to previously forecast of ¥44,300 million and profit attributable to owners of parent of ¥22,000 million compared to previously forecast of ¥29,000 million.
Toyo Tire Corporation, formerly Toyo Tire & Rubber Co., Ltd., is a Japan-based company mainly engaged in the tire business and diver tech business, as well as the provision and maintenance of modules, financing and operation. The Company operates through two business segments. The Tire segment is engaged in the manufacturing and sale of various tires used in passenger cars, trucks, buses, construction equipment and industrial vehicles. The Diver Tech segment is engaged in the manufacturing and sale of industrial and construction materials, transportation equipment, heating insulating and waterproof materials and other related materials. The other business is engaged in the loan, credit purchase and real estate businesses.
Toyo Tire & Rubber Co., Ltd. Reports Consolidated Earnings Results for the Six Months Ended June 30, 2018; Revises Earnings Guidance for the Year Ending December 31, 2018