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Goodyear Posts Record Earnings
Goodyear Tire & Rubber Co. earned $228 million in the fourth quarter and $600 million for the full year of 2013 in spite of lower year-on-year revenue for both periods.
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Goodyear Tire & Rubber Co. earned $228 million in the fourth quarter and $600 million for the full year of 2013 in spite of lower year-on-year revenue for both periods.
Operating income for the quarter and year jumped 54% to $419 million and 27% to $1.6 billion, respectively. The Akron, Ohio-based tiremaker says it will spend $1.15 billion of its available cash to fully fund its hourly U.S. pension plans.
Goodyear's fourth-quarter and full-year revenue slipped 5% to $4.8 billion and 7% to $19.5 billion, respectively. But the company says it benefited from a positive swing of $436 million on price/raw material costs last year.
Unit sales in the October-December period grew 3% in North America, 1.4% in Europe/Middle East/Africa and nearly 8% in Asia Pacific. Sales in Latin America dropped 8%.
Goodyear predicts its operating income this year will expand 10%-15% as unit sales rise 2%-3%.
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