Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
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.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.