AKRON (Oct. 31, 2007) — Sparked by improved pricing and product mix, Goodyear announced record third quarter sales of $5.1 billion and income from continuing operations of $159 million, compared to a loss in the like period last year.
Lower volumes during the third quarter were offset by higher prices and a richer product mix, the company said in its third quarter financial report.
Sales for the period rose 3 percent while the $159 million in net earnings from continuing operations was a significant improvement from the $76 million loss reported in the third quarter of 2006. Net income from all operations, including those discontinued, came in at $668 million, compared with a loss of $48 million last year.
Included in the discontinued units was a gain of $517 million on the sale of Goodyear's Engineered Products business, sold to the Carlyle Group in August for about $1.5 billion.