Goodyear reports record sales

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Goodyear reports record sales
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Friday, July 29, 2011
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Akron, OH - Goodyear Tire & Rubber reported record sales and higher earnings for the second quarter of 2011. Goodyear’s second quarter 2011 sales were $5.6 billion, up 24% from a year ago and the highest ever achieved by the company in any quarter. Tire unit volumes totaled 42.9 million, down 2% from 2010, primarily reflecting weaker industry volumes, particularly in the North American consumer tire business. Second quarter sales also reflect strong price/mix improvements, which drove revenue per tire up 18% over the 2010 quarter, excluding the impact of foreign currency translation. Second quarter sales were also impacted by a $221 million increase in sales in other tire-related businesses, primarily in North America, and favorable foreign currency translation of $348 million. The company had segment operating income of $382 million in the second quarter of 2011. This was up $163 million from the year-ago quarter and a second quarter record. Segment operating income reflected improved price/mix of $554 million, which more than offset $428 million in higher raw material costs ($381 million net of raw material cost reduction actions). Goodyear’s second quarter 2011 net income available to common shareholders was $40 million (16 cents per share), compared with $28 million (11 cents per share) in the 2010 quarter. All per share amounts are diluted. North American Tire’s second quarter 2011 sales increased 18% from last year to $2.4 billion, a second quarter record. Sales reflect improved price/mix, which drove a 20% increase in revenue per tire, excluding the impact of foreign currency translation, compared to 2010’s second quarter. Original equipment unit volume decreased 9 percent. Replacement tire shipments were down 5%. Sales were positively impacted by $178 million from higher sales in other tire-related businesses, primarily third-party chemical sales. Second quarter 2011 segment operating income of $137 million was $121 million above the prior year and the highest achieved in any quarter since 1998. Improved price/mix of $216 million more than offset $131 million of higher raw material costs. Goodyear’s sales for the first six months of 2011 were $11 billion, up 25% from $8.8 billion in the 2010 period. Sales reflect improved price/mix and the $140 million impact of a 2% improvement in tire unit volume, as well as a $497 million increase in sales in other tire-related businesses, primarily third-party chemical sales by North American Tire. In addition, favorable currency translation increased sales by $473 million. The company’s year-to-date segment operating income of $709 million was up 54% from last year. Compared to the prior year, year-to-date segment operating income reflects higher sales in all four of the company’s business units and actions that reduced costs by $147 million. -

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