Bridgestone’s Financial Results
Bridgestone has released its unaudited consolidated business and financial results for the first three quarters of the present fiscal year ending 30 September. In its tyre segment it recorded operating income of $983 million on sales of $12.6 billion. The manufacturer claims “strong sales supported by surging demand, mainly in markets outside Japan, offset the effect of rising raw materials costs on profitability.”
The company claims that worldwide business conditions were “generally favourable” and that economic recovery “gained momentum” in Japan as export growth supported improvement in corporate earnings and as consumer spending revived. According to Bridgestone the US economy “remained strong” as capital spending rose and as the employment picture continued to improve. As far as Europe was concerned it claims that economic recovery “proceeded gradually” and that “strong economic growth continued” in China.
Bridgestone described its manufacturing and marketing activities as aggressive, carried out to address the shift in demand toward larger sizes and high-performance specifications in passenger car tyres. It has also been working to raise productivity, and to improve logistical efficiency. The company states: “Sales and earnings also benefited from successful product introductions and stepped-up marketing efforts worldwide.”