Bridgestone buys back shares worth two billion dollars

Bridgestone's shares rose after the company announced its intention to buy back its shares worth about $2 billion, according to Bloomberg.

The price of the tire manufacturer's shares jumped 9.2%, which is the largest intraday gain since August 2024. Bridgestone will buy back about 11% of its shares between February 20 and December 23, 2024.

Bridgestone also reported its results for the previous year, and the shares rose in price despite the fact that the company's adjusted operating and net profit in 2024 were lower than analysts' forecasts. Thus, in the last quarter of last year, Bridgestone's net profit was $210 million, which is significantly lower than the forecast of $520 million.

The company's sales in 2024 grew by 3% to $29 billion, and operating profit fell by 8% to $2.92 billion. Net profit fell by 12.8% to $1.9 billion.