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
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.
-
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