Goodyear has reported third-quarter net income of US$129m and US$442m for the first nine months.
Net sales were US$3.9bn for the third quarter and US$11.3bn for the nine months, while global revenue per tyre was up 5% for the quarter.
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“During the third quarter, we saw a continuation of the challenging industry conditions we experienced in the second quarter including lower consumer replacement volumes, production cuts by automakers and an increase of more than 30% in our raw material input costs,” said Goodyear chairman, CEO and president, Richard Kramer.
“Despite these headwinds, which we expect to moderate over the coming quarters, we continue to execute against our long-term strategy. We remain focused on the opportunities for driving profitable growth including our connected business model, which aligns all of our assets from our manufacturing plants to consumers who choose Goodyear online and at retail.”
The company reported third quarter segment operating income of US$357m in 2017, down from US$556m a year ago. The decrease reflects higher raw material costs and the impact of lower volume, which were partially offset by improved price/mix and net cost savings.
