Bridgestone Corp Ord (BRDCF) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Everyone, thank you very much for attending the financial results for the third quarter 2024 to be presented by Bridgestone Corporation. Before we start, let me introduce the members from the company. Global CEO and Representative Executive Officer, Shu Ishibashi. global CFO and group finance, Naoki Hishinuma, head of the IR department, Kazuchika Higuchi. So the three members from the Bridgestone Corporation are attending here. I would like to give the microphone over to Mr. Ishibashi, who is once again the group CEO and representative executive officer to give you the summary of the Q3 2024. Hello. I am Ishibashi, global CEO. I will now explain the summary of the third quarter. First, a global summary. Recent and urgent management priorities are to deal with structural changes in the automotive industry due to the rise of Chinese EVs, bringing about an increase in low-end imports and past negative legacies. In particular, Europe and Latin America are the deepest challenges. In response to these challenges, we are continuously improving our sales mix with a global premium focus and accelerating global business cost reduction activities. In addition, The second stage of fixed cost reduction and business restructuring and rebuilding were initiated, and we are aiming to secure and revamp our performance in 2024. However, there remain issues in the speed of performance recovery. Cumulative Q3 results also showed a year-on-year increase in revenues due to a tailwind from foreign exchange rates. However, the passenger car tire business in North America and the business in Latin America continued to deteriorate, resulting in a decrease in profit. On the other hand, premium tire sales were strong and the mix improved. We are maintaining and strengthening our strong premium t...