Nexen Tire Corp. posted 2014 sales of $1.68 billion, a modest 1.7% improve year-over-year.
The South Korean tiremaker said its operating earnings rose 18% in 2014, and its net income for the year improved by 4.7% to $123.6 million.
Nexen said revenue growth was limited by the slow replacement tire market in the U.S. and Europe, but its tire production increased by 7.1% to nearly 35 million units during 2014.
Nexen said it expects stable raw materials prices throughout 2015 based on oil price forecasts, which include a goal of $2.5 billion in sales for 2015.