Toyo Tire Corp. recorded record high sales, operating income and ordinary income for the first nine months of 2024, and as a result the company has increased its overall earnings forecast for the full year.
With sales of $1.033 billion in the third quarter, the nine-month sales totaled $2.955 billion, up 2.8% from the prior year.
Operating income of $ 187.4 million in the quarter contributed to the $535.7 million operating income for the nine-month period — a 51.5% increase over the previous year. Ordinary income of $126.7 million in the quarter rolled into the $546.8 million ordinary income for the first nine months. Ordinary income was up 20.7% for the January-September period.
Toyo said the income figures were “buoyed by successful sales promotion of priority products and external factors such as forex.”
The tiremaker says the business conditions leading up to the end of the third quarter prompted it to raise its operating income forecast from $569.2 million to $604.3 million. Toyo is also increasing the forecast for profit attributable to owners of the parent from $351.3 million to $421.6 million.
Toyo’s Tire Sales
Globally, tires contributed $2.7 billion to Toyo’s sales figures in the first nine months of 2024. In the third quarter, tire sales totaled $954.7 million, up 3% from the same period in 2023.
Toyo’s operating income from tires is up 48.9% through the first nine months of 2024.
Geographically, Toyo saw its strongest sales gains in North America, with an almost 4.8% gain in the third quarter. For the nine-month period, North American sales grew 5.9%. Net sales in Japan are down 6.1% so far in 2024.
