The Goodyear Tyre & Rubber Company has reported first quarter net income of $US68 million (35 cents per share) compared to a net loss of $78 million (45 cents per share) a year ago.
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Net income was driven by stronger operating income in all of the company’s tyre businesses, which offset an increase in raw material costs of approximately $119 million compared to the first quarter of 2004.
Sales were $4.8 billion, a first-quarter record, up 11% from a year ago. Sales increased due to higher pricing, a more-favourable product mix and favourable currency translation of approximately $126 million.
Tyre unit volume in the first quarter of 2005 was 55.9 million units, up 200,000 from 2004. The change was driven by a 7.9% increase in the key North American replacement markets, offset by lower consumer original equipment volumes of 8.7% in North America and the European Union.
The 2005 quarter includes net after-tax gains of $7 million from reversals of rationalisation charges and net after-tax charges of $12 million related to general and product liability – discontinued products.
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By GlobalData
