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Bridgestone expects 2020 sales to drop 23% year-on-year

On August 7, Bridgestone Corporation released financial results for the first half of 2020, attributing the negative effects of the COVID-19 pandemic for the 68.3% drop in operating income. Bridgestone forecasts the trend will continue for the full year, with sales falling about 23% shy of fiscal 2019 revenue.  Bridgestone reported a net loss of $203.7 billion, with an operating income of $477.2 million for the first half of the fiscal year on sales of $16.1 billion. Primary reasons for the lower earnings include reduced volumes and currency depreciation impacts. Gains from lower raw materials and operating expenses and improved price/mix effect helped offset the negative factors. Bridgestone noted a “particularly large depression in European and North American markets,” which prompted ongoing caution with regard to market conditions in those regions despite signs of recovery since the beginning of June 2020. The company said it expects moderate recovery in the near term but a “demand drop due to 2nd wave of COVID-19 forecasted over Q4,” with less impact of second wave expected compared to first wave.


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