Analysts praise Goodyear results
Goodyear's first quarter 2011 results were “significantly above expectations” according to investor information published by Goldman Sachs. In addition to stating that the results were above their estimates, the analysts said Goodyear’s figures came in ahead of the wider consensus, “driven largely by a $361million tailwind from pricing and mix” which was way above the $278 million projection. According to Goldman Sachs, this increase is impressive because it exceeds the $300 million per quarter the market was typically able to absorb in periods of high inflation.
Looking forward to the second half of 2011, the analysts said profitability is likely to be more challenging. Goldman expects tyre volume growth to slow as first quarter of 2011 benefited from a “pull forward” of sales from dealers buying ahead of price hikes.
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