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Goodyear Sales Slip, Adjusted Profits Soar
Goodyear Tire & Rubber Co. reports its third-quarter revenue dropped 7% to $4.7 billion.
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Goodyear Tire & Rubber Co. reports its third-quarter revenue dropped 7% to $4.7 billion. Adjusted net income surged 27% to $242 million.
When special items are included, net income slipped to $161 million from $166 million in July-September 2013.
Goodyear's operating income for the period jumped 21% to an any-quarter record $520 million. Results were powered by improvements in North America, Asia Pacific and Europe/Middle East/Africa.
The company's unit sales declined 2% to 41.9 million tires in the third quarter. Brazil's slumping car market caused a 3% drop in the company's tire sales to carmakers.
Replacement tire shipments fell 1%. Goodyear blames market disruption caused by competitors who stockpiled low-price imported tires ahead of higher tariffs in 2015.
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