Goodyear has posted third quarter sales of US$5bn, compared to US$5.3bn a year ago.
Third quarter 2013 sales reflect US$82m in higher tyre unit volumes, offset by US$178m in lower sales in other tyre-related businesses, most notably a decrease in the price and volume of third-party chemical sales.
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Third quarter segment operating income was US$431m, up 24%, while Goodyear also revealed record North America earnings of US$161m for the same period.
The company now expects record 2013 segment operating income of more than US$1.5bn and continues to target positive cash flow, excluding pension pre-funding, through 2016.
“Our third quarter results, announced just weeks after our recent Investor Day, demonstrate continued sustainable earnings growth and the type of disciplined execution needed to deliver on our targets in 2013 and beyond,” said Goodyear chairman and CEO, Richard Kramer.
“As the industry continues to recover, we see strong volume growth in the segments we are targeting,” he added. “While we continue to be disciplined in our approach, we are seeing growth in unit volumes, including in our North America business, driven by the Goodyear brand.”
