US: Goodyear reports record Q3 sales
The Goodyear Tyre & Rubber Company on Tuesday reported record third quarter sales up 3% year on year to $US5.1bn, offsetting lower volumes with higher prices and a richer product mix.
Improved pricing and product mix in all five business units drove revenue per tyre up 7% over the 2006 quarter, the company said. Lower volumes reflect the decision to exit some private label tyre business in North America, along with weak markets.
The company achieved a gross margin of 20% in the quarter, up from 17.4% a year ago.
The three emerging markets businesses increased sales 15% and segment operating income 24% over last year.
Third quarter 2007 income from continuing operations was $159m (67 cents per share) compared to a third quarter 2006 loss of $76m (43 cents per share).
Goodyear had third quarter 2007 net income of $668m ($2.75 per share), which includes discontinued operations of $509m ($2.08 per share). Included in discontinued operations was an after-tax gain of $517m ($2.12 per share) on the sale of the company's engineered products business. In the third quarter of 2006, the company had a net loss of $48m (27 cents per share).