Tyremaker Goodyear has booked operating income of US$275m for the third quarter of 2009, up from $266m a year ago and $24m in 2009’s second quarter.
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“Compared to the prior year, third quarter 2009 segment operating income reflects continued weak industry demand, which resulted in a negative volume impact of $64m and under-absorbed fixed costs of approximately $107m. The 2009 quarter benefited from $207m in lower raw material costs,” the company said in a statement.
Third quarter net income was $72m, up from $31m in 2008. The company reported net losses of $221m in the second quarter of 2009 and $333m in the first quarter.
Q3 sales were $4.4 billion, down 15% from 2008’s third quarter but up 11% from Q2 2009. Goodyear said Q3 sales reflected the $276m impact of a 7% decline in tyre unit volume due to lower industry demand as well as a $279m reduction in sales in other tyre-related businesses. Unfavourable foreign currency translation further reduced sales by $159m.
