Higher sales, profits in revised Bridgestone projections
A combination of successfully implemented cost-cutting initiatives plus increased tyre prices in international markets are behind Bridgestone Corporation’s release of revised consolidated financial projections for the fiscal year ending December 31, 2011. The Japanese tyre maker now expects to achieve net sales of 1,480,000 million yen (£11.2 billion) during the first half of the current financial year and 3,190,000 million yen (£24.1 billion) for the full year to December 31 – an increase of 10,000 million yen on the projected figures released on February 18. Operating income for the first half has been bumped up to 72,000 million yen (£544.7 million) and 167,000 million yen (£1.3 billion) for the full year, both 27,000 million yen more than projected in February. Ordinary income projections for the half and full year have both also been upwardly revised 27,000 million yen, to 64,000 million yen (£484.2 billion) and 151,000 million yen (£1.1 billion) respectively. Projected net income for the half and full year has been increased by 12,000 million yen to 35,000 million yen (£264.8 million) and 94,000 million yen (£711.1 million).
In releasing these revisions, Bridgestone points out the updated full-year projections reflect revisions made to first-half performance. The company has not revised its consolidated financial projections for the second half of the financial year, and says it expects to update its full-year consolidated financial projections after reviewing the second half of the fiscal year; it will do this by the time the consolidated results for the second quarter are announced.