Mexican Media Brands
Goodyear Tire’s Revenue, Net Income Drop
Goodyear Tire & Rubber Co.’s revenue in January-March shrank 8% to $3.7 billion, dragged down by unfavorable exchange rates and the deconsolidation of the company's operations in Venezuela.
#economics
Share
Goodyear Tire & Rubber Co.’s revenue in January-March shrank 8% to $3.7 billion, dragged down by unfavorable exchange rates and the deconsolidation of the company's operations in Venezuela. Net income fell 18% to $184 million.
But unit sales in the first quarter rose 2% to 41.5 million tires. And the company’s segment operating income climbed 8% to a record $419 million, thanks to the higher volume and a richer product mix.
Tire sales in the Americas during the three-month period declined 13% to $2 billion as volume shrank 6% to 18 million tires. But segment operating income grew and the operating margin added 2.2 points to reach 13.3%.
In Europe, the Middle East and Africa, Goodyear’s sales in the first quarter advanced 2% to 16.2 million units and operating margins increased nearly a point to 6.4%. Unit sales in Asia Pacific surged 28% to 7.3 million units, revenue expanded 9% to $480 million and the operating margin increased to 16.2% from 14.9%.
RELATED CONTENT
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.
-
Auto vs. Tech: Guess Who Wins
Matthew Simoncini, president and CEO of Lear Corp., provided some fairly compelling figures this week at the CAR Management Briefing Seminars that show just how out-of-whack the valuations of tech companies are vis-à-vis auto companies.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.