Bridgestone Predicts Record Earnings

Bridgestone Corp. netted 55.7 billion yen ($593 million) in the fiscal third quarter ended Dec. 31 compared with 21 billion yen ($224 million) in the same period of 2011.

Revenue rose 3% year over year to 813.4 billion yen ($8.7 billion).

The Japanese tiremaker forecasts that its full-year net earnings will jump 37% to a record 235 billion yen ($2.5 billion). Results are being boosted by the weak yen, declining rubber costs and rebounding Japanese auto production, the company says.

Analysts note that Bridgestone also benefits from its relatively low reliance on the European market, which accounts for only 10%-15% of global sales.

Separately, Bridgestone says Chairman Shoshi Arakawa will retire because of health problems but will continue as an adviser. CEO Masaaki Tsuya will add the title of chairman on March 26.