Toyo Tire reports declining sales and profits
Nov 17, 2020
Despite losses in the third quarter of 2020, Toyo Tire Corp. stated that "the recovery started earlier than expected, although the situation is slightly different in different markets."
The Japanese company’s net revenue fell 11.1% from the third quarter of last year, and the operating income for the quarter was down nearly 17% from the same period last year.
Toyo's tire business unit sales were down 9.5% year-over-year, while operating profit was down 14.5%. At the same time, the division of Toyo, which deals with automotive components, recorded more significant losses - indicators decreased by 22.7% compared to 2019.
The overall economic outlook, Toyo officials say, remains uncertain due to the ongoing Covid-19 pandemic and the accompanying economic crisis. This is forcing the company to revise its financial forecasts for 2020 as a whole.