Sales, Income Up at Goodyear

Goodyear on April 25 reported that its first quarter 2008 sales were US$4.9 billion, a 10 per cent increase vs. the same period last year, and a higher net income that was driven by higher prices, better product mix and favorable currency exchange rates. At the same time, the company’s tyre units sales were down compared to the first quarter of 2007. Unit sales for the first period of 2008 were down 1.7 million tyres compared to the same period in 2007, with North American unit sales down 1.5 million tyres. The company said the lower volume came primarily OE sales in North America and soft consumer replacement demand in North America and Europe, particularly for low-end tyres.

Net income for the period was $147 million, and improvement of $321 million year-over-year.

“While the economy remains a concern, we continue to be confident about the opportunities we see in the market and our ability to take advantage of them,” chairman and CEO Bob Keegan said. “Over the last five years, our strategic decisions have better positioned Goodyear to face an economic downturn and to emerge as a stronger competitor.” (Tire Review/Akron)