Goodyear today (31 October) reported third quarter 2011 sales and earnings it says were the best in its history with quarterly net sales exceeding US$6bn for the first time.

“I’m very pleased with our performance,” said Goodyear chairman and CEO Richard Kramer. “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. All four of our tyre 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.

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“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, standardised processes throughout our business.”

Goodyear’s third quarter 2011 sales were US$6.1bn, up 22% from a year ago and the highest ever achieved by the company in any quarter. Tyre unit volumes totalled 47.7m, unchanged from 2010.

Third quarter sales reflect strong price/mix performance, which drove revenue per tyre up 18% compared to the 2010 quarter, excluding the impact of foreign currency translation.

Sales were also impacted by a US$221m increase in sales in other tyre-related businesses, primarily chemical sales in North America and favourable foreign currency translation of US$175m.

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The company achieved segment operating income of US$463m in the third quarter, a record and up US$229m from the period a year ago. Segment operating income for the third quarter of 2011 reflected improved price/mix of US$739m, which more than offset US$554m in higher raw material costs ($506m net of raw material cost reduction actions).

For the full release concerning Goodyear’s third quarter results, please click here.