Yokohama Rubber Co. Ltd. posted record sales during the first quarter of 2023, up 10.1% from the same period last year.
However, Yokohama reported a 2.4% operating profit decline during the first three months of 2023.
Yokohama officials say that the company's first quarter sales "reflected successful marketing of high-value-added tire products, such as Advan-brand high-performance tires and Geolandar tires for SUVs and pickup trucks, and improvements in product mix.
"It also reflected progress in implementing price increases and the weakening of the yen against other principal currencies during the quarter."
Earnings in Yokohama Rubber’s tire business "reflected increases in raw material prices, logistics cos, and energy costs and reduced unit production at automakers on account of shortages of semiconductor devices.
"First-quarter sales revenue in Yokohama Rubber’s Tires segment increased over the same period of the previous year, but business profit declined.
"Sales revenue in original equipment tires increased as Yokohama Rubber won new fitments on vehicles in Japan and in North America and as sales benefited from the weakening of the yen against other principal currencies. Those positive factors more than offset weakness in shipments to automakers in China.
"Sales revenue also increased in replacement tires," say Yokohama officials, who add the Tokyo, Japan-based company's Yokohama Off-Highway Tires unit experienced a sales drop during 1Q 2023.
