Goodyear third quarter figures show strong performance

The Goodyear Tire & Rubber Company has carded an all-time record for quarterly sales and earnings in the third quarter, going past the $6 billion mark in sales for the first time. “I’m very pleased with our performace,” said Richard J. Kramer, chairman and chief executive officer. “Our third quarter results are another step on the path toward our 2013 targets and especially meaningful given the challenging market conditions in much of the world,” he added.

Goodyear’s third quarter 2011 sales were up 22 per cent from a year ago, while unit volumes totalled 47.7 million, unchanged from 2010. The company said the results therefore reflect strong price/mix performance. Segment operating income of $463 million in the third quarter was up $229 million from 2010’s third quarter. Goodyear said the improved price/mix of $739 million more than offset $554 million in higher raw material costs.

Goodyear’s third quarter 2011 net income available to common shareholders was $161 million (60 cents per share); the highest quarterly net income from Goodyear’s continuing operations in its history. The company recorded a net loss of $20 million (8 cents per share) in the 2010 third quarter. All per share amounts are diluted.

“All four of our tyre businesses set all-time quarterly sales records as our teams did an excellent job offsetting higher raw material costs with improved price/mix and selling new, innovative products in targeted market segments,” Kramer said.

“While our third quarter results are evidence of the fundamental improvements we have made to our business, we continue to see many opportunities to build on this success by driving efficient, standardized processes throughout our business.”