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Goodyear’s Quarterly Operating Profit Surges 68%
Goodyear Tire & Rubber Co. posted record income in the third quarter in spite of an 11% revenue drop to $4.2 billion.
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Goodyear Tire & Rubber Co. posted record income in the third quarter in spite of an 11% revenue drop to $4.2 billion. The company says sales results were dented by $430 million in unfavorable foreign currency translation.
Net income for the period soared 68% to $271 million. Operating income rose 15% to an any-quarter record of $599 million. Unit sales advanced 1% to 42.5 million tires. The company says revenue was bolstered by a richer sales mix and lower materials costs.
Unit deliveries in North America grew 3% to 15.6 million for the period. But gains in original-equipment and replacement tire sales were more than offset by slumping third-party chemical sales.
In Europe/Africa/Middle East, Goodyear’s tire sales slipped 2%, and revenue plunged 18% to $1.3 billion. In Asia, unit sales were flat at 6 million tires, and revenue dropped 14% to $458 million. In Latin America, volume rose 8% to 4.7 million units, but revenue declined 7% to $420 million.
Goodyear predicts a full-year operating income of about $2 billion—more than double its result in 2010.
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