In Toyo Tire & Rubber Co.’s financial results for fiscal year 2016, the tiremaker reported decreased tire sales overall, but an increase in unit sales in the overseas replacement market.
According to the report, Toyo’s tire business net sales decreased 6.7% year-over-year to 381,635 million yen (approximately $3.34 billion) in 2016, while operating income decreased 21.7% to 45,405 million yen ($397 million). Toyo attributed this decrease in net sales to net to a strong yen and other factors.
Unit sales in the replacement tire market overseas, however, exceeded the prior year’s performance. Toyo attributed this to success in the U.S. with the introduction of the Open Country C/T and Country Q/T lineups and strong sales of the Open Country A/T II core light truck tire, the new Ridge Grappler large-diameter Nitto brand tire and the core light truck Terra Grappler G2 tire.
