Toyo Tire CEO Takashi Shimizu expects the tiremaker to exceed its profit guidance this fiscal year and plans to start buying back shares, helped by resilient U.S. demand.
An operating profit exceeding ¥95 billion ($632 million) this year is achievable, Shimizu said in a recent interview, confirming comments made in connection with the company's second-quarter earnings. That means the company "may announce another upward revision.”
The company raised its full-year operating profit forecast to ¥90 billion in August.
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