Toyo Tire Corp. achieved $3.71 billion in sales during 2024, up 2.3% from 2023 levels and a record high for the company.
Toyo also posted another high during 2024: around $618 million in operating income, a year-over-year increase of 17%.
In terms of sales, the company saw its greatest success in North America, where it achieved around $2.35 billion in revenue, up 15% from 2023 levels.
Toyo achieved its strongest operating income gains in its home country of Japan: $440.4 million, down around 6% year-over-year.
In North America, the tiremaker’s operating income totaled around $115 million, up slightly more than 4% from 2023.
Overall, Toyo’s operating margin in 2024 totaled 16.6%, exceeding the company’s 14% operating margin target.
2024 Highlights
Toyo listed several achievements in its recently published financials. These include increased utilization of its plant in Serbia, which is supplying product to the North American market, and the release of more “high value-added lines” in Japan and Europe.
Toyo also mentioned its newest product for the North American market, the Toyo Open Country R/T Pro, an on- and off-road rugged terrain hybrid M/T tire, which replaces the Toyo Open Country R/T.
The tire will launch with an initial 50 sizes and load combinations for 17- up to 24-inch wheel diameters and up to 42-inches in overall diameter. Popular fitments for this line-up include factory original and heavily modified vehicles from makes such as Chevrolet, Ford, INEOS, Land Rover, Nissan, Jeep, Ram and Toyota.
“The Open Country product line now features a highly capable, professional-grade hybrid M/T solution for enthusiasts to fine-tune their tire selection with the exciting addition of our newest tire, the Open Country R/T Pro,” said Todd Bergeson, senior manager, product planning and technical services, Toyo Tire U.S.A. Corp.
What’s next?
Looking ahead to the rest of 2025, Toyo said it will drive “further improvement in earning power and capital optimization,” while streamlining its product portfolio and achieving “over 70% of sales from priority products.”
Among other initiatives, the company will continue to pursue what it calls “flexible and speedy business operations in North America and other markets that have potential for further growth,” according to Toyo officials.
Toyo is forecasting earnings of around $560 million for full-year 2025.
The firm also will transfer 86% stake in its production subsidiary in China, Toyo Tire (Zhangjiagang) Co. Ltd. “to a local company.
“Responsibility for supplying other Asian countries will shift from China to Japan and Malaysia.”
