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Goodyear Sales Climb as Operating Income Slips
Goodyear Tire & Rubber Co. reports that its tire sales advanced 2% to 40.5 million units, and revenue rose slightly to $3.9 billion.
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Goodyear Tire & Rubber Co. reports that its tire sales advanced 2% to 40.5 million units, and revenue rose slightly to $3.9 billion.
The company says the benefits of greater volume and a richer sales mix were largely offset by unfavorable exchange rates. Operating income for the period dipped 1% to $362 million.
Goodyear’s third-quarter net income jumped to $351 million from $129 million a year earlier because of the company’s TireHub LLC distribution venture with rival Bridgestone Americas Inc. The new company was launched in July. Adjust net income fell 8% to $163 million.
Revenue through the first three quarters rose 3%, unit sales advanced 1% and adjusted net income was down 20%.
But Goodyear lowered its full-year outlook, citing higher material prices, economic volatility in Brazil and a cooling market in China. The tiremaker now says its revenue for the year will be more than $1.3 billion compared with previous guidance of about $1.5 billion.
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