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Goodyear Posts Record Profit As Revenue Slides
Goodyear Tire & Rubber Co.'s revenue shrank 6% to $5 billion in the third quarter. But net earnings soared to a record $166 million for the period from $110 million in the same period of 2012.
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Goodyear Tire & Rubber Co.'s revenue shrank 6% to $5 billion in the third quarter. But net earnings soared to a record $166 million for the period from $110 million in the same period of 2012.
Goodyear's tire sales grew 2% to 42.6 million units worldwide, hiking revenue by $82 million. The gain was more than offset by a $178 million decline caused by unfavorable exchange rates and a slump in third-party chemical sales.
The company's operating income in July-September climbed 24% to $431 million, and Goodyear predicts a record full-year result of more than $1.5 billion.
By region, Goodyear's third-quarter tire sales grew 1% to 15.8 million units in North America, 2% to 16.7 million units in Europe/Middle East/Africa and nearly 8% to 5.6 million units in Asia Pacific. Volume slid 4% to 4.5 million tires in Latin America.
Goodyear says it expects its full-year sales of original-equipment tires to be flat at best. It also anticipates flat demand for replacement tires for passenger vehicles. The company predicts commercial tire sales could grow 5% for both original equipment and replacement units.
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