The Goodyear Tyre & Rubber Company has reported net income of $US142 million (70 cents per share), its best quarterly result since the third quarter of 1998, reflecting record net sales and strong operating results in the company’s tyre businesses.
The quarterly results were up substantially from the prior-year period, when the company recorded net income of $38 million (20 cents per share).
Record quarterly sales of $5.0 billion were a 7% increase from $4.7 billion during the 2004 period. The growth in sales reflects improved pricing and product mix in each of the company’s businesses, higher volume in its international tyre businesses, and the favourable impact of currency translation.
Third quarter tyre unit volume increased to 58.4 million units, compared to 57.4 million units in the 2004 period, a 1.8% gain.
Third quarter total segment operating income increased 21.3% to $330 million.
The company anticipates continued year-over-year gains in operating performance in the fourth quarter, however the rate of those gains is expected to be less than in the third quarter.