Yokohama Rubber posts record sales for first quarter

Hiratsuka, Japan—The Yokohama Rubber Co., Ltd., announced its business and financial results for the first quarter of fiscal 2024 (January to March 2024). Sales revenue increased 23.5% over the same period of the previous year, to 252.4 billion yen; business profit increased 91.0%, to 24.9 billion yen; operating profit increased 102.6%, to 26.8 billion yen; and profit attributable to owners of parent increased 104.0%, to 19.8 billion yen. The figures for sales revenue and business profit were record-high figures for first-quarter performance at Yokohama Rubber, and the ratio of business profit to sales revenue also attained a record-high level for the first quarter, at 9.8%. Fiscal performance in Yokohama Rubber’s Tires segment benefited from the May 2023 acquisition of Trelleborg Wheel Systems Holding AB, which now operates as Y-TWS (Yokohama-TWS); from declines in raw material costs and logistics expenses; and from the weakening of the yen against other principal currencies.