Yokohama Rubber Co. Ltd. achieved a year-over-year sales increase of 28.3% and a year-over-year profit increase of 12.8% during 2022.
"The record-high figures for sales revenue and business profit reflected a successful summer campaign for promoting sales of Advan-brand high-value-added products and vigorous business in of agricultural tires and other off-highway tires," note Yokohama officials.
"They also reflected improvements in Yokohama Rubber’s product mix and price increases in Japan and overseas markets. The positive factors resulted in notably strong sales gains in North America. Sales and earnings also benefited from the weakening of the yen during the year against other principal currencies."Yokohama Rubber’s strong business performance overcame several adverse factors, starting with the fallout from the conflict in Ukraine. The adversity also included upturns in raw material prices and logistics costs, reduced production by automakers on account of the shortages of semiconductor components, China’s zero-COVID policy and the inflation-caused surge in energy prices."Yokohama sold more tires in the original equipment channel "as automakers began moving to restore production volume" and the company won new fitments in North America."Yokohama Rubber also posted sales growth in replacement tires. Heavy snowfalls in Japan in early 2022 stimulated sales of Yokohama Rubber’s winter tires and successful promotion of high-value-added products in overseas markets fueled sales momentum in North America and in China and other Asian nations. Sales revenue in replacement tires also benefited from price increases in several markets, though the contribution from price increases was less than planned in Japan."The Tokyo, Japan-based company's Yokohama Off-Highway Tires unit also posted record-high sales and profit during the year. "That strong performance reflected success in asserting the cost competitiveness of the unit’s Indian-produced tires through North American and other sales channels and success in securing price increases for the unit’s products."
