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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.
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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%.
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