Toyo Tire reports $3.6B in 2023 net sales

Toyo Tire Corporation revealed its consolidated business performance for the fiscal year 2023. According to the company, the full-year financial results include net sales of 552,825 million yen (approx. $3.6 billion) (an increase of 11.2% from the same period in FY2022); operating income of 76,899 million yen (approx. $513 million) (an increase of 74.6% from the same period in FY2022); ordinary income of 86,047 million yen (approx. $574.1 million) (an increase of 68.6% from the same period in FY2022); and profit attributable to owners of parent at 72,273 million yen (approx. $482.2 million) (an increase of 50.7% from the same period in FY2022).

Toyo said its Tire Business Unit posted net sales of 505,438 million yen (approx. $3.4 billion) (an increase of 10.9% from the same period in FY2022) and an operating income of 76,725 million yen (approx. $511.9 million) (an increase of 64.5% from the same period in FY2022). The Automotive Parts Business Unit posted net sales of 47,374 million yen (approx. $316 million) (an increase of 14.6% from the same period in FY2022) and an operating income of 178 million yen (approx. $1.1 million).

Total assets at the end of the FY2023 were 645,480 million yen (approx. $4.3 billion), an increase of 46,590 million yen (approx. $310.8 million) compared to the end of the previous consolidated accounting period. Liabilities were 250,281 million yen (approx. $1.6 billion), a decrease of 27,693 million yen (approx. $184.7 million) compared to the end of the previous consolidated accounting period. Interest-bearing liabilities were 102,714 million yen (approx. $685.3 million), a decrease of 32,722 million yen (approx. $218.3 million) compared to the end of the previous consolidated accounting period. Net assets as of the end of the FY2023 of the consolidated accounting period were 395,199 million yen (approx. $2.6 billion), an increase of 74,284 million yen (approx. $495.6 million) compared to the end of the previous consolidated accounting period. As a result, the capital ratio increased by 7.7 points compared to the end of the previous consolidated accounting period to 61.2%.

The Goodyear Tire & Rubber Company has named Ryan Waldron as president of the company's Americas business unit, reporting to Chief Executive Officer and President Mark Stewart. He succeeds Steven R. McClellan, who retired on April 1.

"At Goodyear, our customers are at the center of everything we do, and in Ryan Waldron, we have a customer-centric, execution-focused business leader with a deep understanding of both the marketplace and all aspects of our business, as well as a proven track record of delivering results," Stewart said. "I am thrilled to announce him as president of Goodyear's Americas business and have enormous confidence that under his leadership, both the company and our customers will reach even greater levels of success."