Goodyear has reported fourth quarter 2014 sales down 9% to US$4.4bn, compared to US$4.8bn a year ago.
The tyre manufacturer says sales were impacted by US$256m in unfavourable foreign currency translation and US$181m in lower sales volume in Europe, the Middle East and Africa.
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However, Goodyear posted record full-year segment operating income of US$1.7bn and is reaffirming its 2015 earnings growth target of 10%-15% above 2014 results.
“We delivered record full-year segment operating income, successfully navigating a challenging global economic environment,” said chairman and CEO, Richard Kramer.
“While industry conditions led to mixed results globally, we achieved record fourth quarter segment operating income in North America as well as in Asia Pacific. Our continued performance validates the successful execution of our strategy.
“The release of our US$2.2bn US tax valuation allowance after 12 years is a major milestone for Goodyear. It marks the completion of the successful turnaround of our North America business.”
Full-year sales were down 7% to US$18.1bn, from US$19.5bn a year ago.
