Goodyear has posted first-quarter sales of US$4bn, down from US$4.5bn a year ago, with the decrease largely attributable to unfavourable foreign currency translation of US$393m.
Despite the drop, Goodyear nonetheless unveiled Q1 segment operating income of US$391m with net income of U$236m, while North America set a first quarter earnings record of US$198m, up 27%.
“Our strong first quarter provides solid momentum as we start 2015,” said Goodyear chairman and CEO, Richard Kramer.
“We overcame significant foreign currency headwinds and delivered record earnings led by North America, which achieved its fourth consecutive quarter of segment operating income margin of more than 10%.
“Our volume growth was driven by market demand for our high-value-added products and gives us increased confidence in our outlook for the remainder of the year.”