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Goodyear Reports All-Time Record Quarterly Sales, Earnings

Fri, 10/28/2011 - 4:19am

AKRON, Ohio, Oct. 28, 2011 /PRNewswire/ --
The Goodyear Tire & Rubber Company (NYSE: GT) today reported that its third quarter 2011 sales and earnings were the best in its history.

 Quarterly net sales exceeded $6 billion for the first time ever. "I am very pleased with our performance," 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.

"All four of our tire 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."

Goodyear's third quarter 2011 sales were $6.1 billion, up 22 percent from a year ago and the highest ever achieved by the company in any quarter.  Tire unit volumes totaled 47.7 million, unchanged from 2010.

Third quarter sales reflect strong price/mix performance, which drove revenue per tire up 18 percent over the 2010 quarter, excluding the impact of foreign currency translation.  Sales were also impacted by a $221 million increase in sales in other tire-related businesses, primarily chemical sales in North America, and favorable foreign currency translation of $175 million.

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