SRI Scores Triple-Digit Profit Gains in 2023

Sumitomo Rubber Industries Ltd.’s profit on its global tire business increased 416% in 2023. The company says profits for the year surpassed its own forecasts, thanks to three factors.

The three factors that contributed to those profit gains were: “decreased burden of ocean freight costs, decrease in raw material prices, and … efforts to maintain prices.”

Of the $550.5 million in total company profit recorded in 2023, $450.5 million came from …

Source: MTD