Goodyear reports record sales and a Q1 profit
Goodyear Tire & Rubber has reported record sales and higher unit volumes for the first quarter of 2011 – and a net profit for the quarter. The tyre maker’s first quarter 2011 net income was US$103 million, up from a net loss of $47 million for the same period in 2010.
“I’m very pleased with our outstanding first quarter results, they’re an excellent first step on our path to our 2013 targets,” said Goodyear chairman and CEO Rich Kramer. “Improvement in North American Tire is a critical element to achieving our targets. North American Tire’s first quarter performance strengthens my confidence in our future. All of our businesses made great progress in offsetting higher raw material costs through improved price/mix and in driving sales of new, innovative products.”
Sales at the company’s Europe, Middle East and Africa Tire business unit increased 28 per cent year-on-year in the quarter to $2 billion, which Goodyear notes is a first quarter record. The region’s sales reflect a seven per cent increase in tyre unit volume, strong price/mix performance and favourable foreign currency translation. Original equipment unit volume increased six per cent, while replacement market tyre shipments were up seven per cent. First quarter revenue per tyre increased 17 per cent year-on-year in 2011, excluding the impact of foreign currency translation.