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    5108   JP3830800003

BRIDGESTONE CORPORATION

(5108)
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Financial Results Review Meeting for Q3 2021 (9 KB)

11/11/2021 | 03:23am EST

Financial Results for 3rd Quarter of Fiscal 2021

Bridgestone Corporation

November 11, 2021

1.

Business and Financial Performance

・・・

2

for 3rd Quarter of Fiscal 2021

2.

Forecast of Business Environment for Fiscal 2021

・・・

13

1/14

1. Business and Financial Performance

for 3rd Quarter of Fiscal 2021

2/14

Overview of the Performance for 3rd Quarter of Fiscal 2021

Business and Financial Highlights for 3rd Quarter of Fiscal 2021

  • In 3Q, PS/LT OE sales slowed down due to the shortage of semiconductors, but REP sales in the premium segment were strong, resulting in a significant increase in sales and profit compared to the previous year.
  • TB sales were strong, especially in North America. OR sales are on a strong recovery trend from 2Q to 3Q.
  • The impact of raw material inflation was offset by improvements in selling price and mix. GP and adjusted OP margin in 3Q improved further from 2Q supported by the effect of expense and cost structure reformation.
  • The expansion of REP sales mix (business mix improvement) due to the slowdown in OE sales contributed to the improvement of profitability.

Overview of the Performance by Product for 9 months ended September 30, 2021

PS/LT

(for passenger car

& light truck)

TB

(for truck & bus)

OR

(for mining

& construction)

3/14

  • Sales expansion focusing on HRD tires - Jan-SepPSR-HRD (18"+) Sales : 125% vs. PY
  • REP : volume expansion with focus on major brands and appropriate price management.
  • OE : demand decreased significantly in 3Q due to the semiconductor shortage.
  • REP : sales were particularly strong in North America amid robust demand for construction and transportation.
  • OE : affected by semiconductor shortage in tractor production, but the impact was limited compared to PS/LT.
  • Mining : sales continued to recover on the back of strong demand for minerals. Sales volume of ultra-large tires in 3Q exceeded that of the same quarter in 2019.
  • Construction : OE sales grew significantly in response to increased production of construction equipment due to buoyant construction demand.

Business Environment Surrounding Bridgestone Group

Currency Exchange

  • Both USD and EUR appreciated against JPY compared with PY
  • 1USD = 109 yen, 1EUR = 130 yen (Reference) 2020 Jan-Sep: 1USD = 107yen, 1EUR = 121yen

Raw Material Prices

  • Natural Rubber : inflation since last year subsided slightly, but prices are still high.
  • Crude Oil : prices rose sharply in 3Q continuing from 1Q and 2Q.

Tire Demand

(PSR/TBR)

  • OE : demand recovery slowed down significantly in 3Q due to the worsening semiconductor shortages.
  • REP : demand in North America and Europe has been strong while demand recovery in Japan is relatively weak.

Market trend of natural rubber and crude oil (Average)

*1 Source: Singapore Commodity Exchange Limited

2020

2021

1Q

2Q

3Q

4Q

1Q

2Q

3Q

Natural Rubber

133

111

128

154

167

165

166

TSR20*1 ( /kg)

Natural Rubber

158

138

175

235

234

221

185

RSS#3*1 ( /kg)

Crude Oil

46

28

41

43

58

66

71

WTI ($/bbl)

Tire Demand for 9 months ended Sep 30, 2021 (unit base%)

Estimated by Bridgestone Corporation

PSR

TBR

OE

REP

OE

REP

vs PY

vs 2019

vs PY

vs 2019

vs PY

vs 2019

vs PY

vs 2019

Japan

102%

80%

107%

88%

123%

104%

110%

81%

N. America

109%

76%

119%

106%

133%

84%

126%

124%

Europe

112%

78%

115%

97%

133%

95%

120%

105%

4/14

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Bridgestone Corporation published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 06:26:05 UTC.


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Technical analysis trends BRIDGESTONE CORPORATION
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Mean consensus HOLD
Number of Analysts 13
Last Close Price 5 079,00 JPY
Average target price 5 341,67 JPY
Spread / Average Target 5,17%
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Shuichi Ishibashi Chief Executive Officer & Director
Akihiro Eto President, Chief Operating Officer & Director
Masaaki Tsuya Chairman
Masato Sakano Chief Technology Officer
Scott Trevor Davis Independent Outside Director
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