Skip to main content
Sister Publication Links
  • European Rubber Journal
  • Plastics News
  • Tire Business
web
Subscribe
  • Login
  • Register
  • Subscribe
  • News
    • Automotive
    • Tire
    • Non-Tire
    • Suppliers
    • Silicone
    • Latex
    • Coronavirus
    • Executive Action
    • Government/Legal
    • Opinion
    • Technical Notebooks
    • Women in Tire & Rubber
    • ITEC
    • International Elastomer Show
    • HEXPOL Sponsored Content
    • Foam shortage a major concern for auto makers, seating suppliers
      Goodyear joins EASE Logistics, Ohio city to launch connected mobility pilot program
      view gallery
      6 photos
      Photos: Auto industry embraces Industry 4.0
      Goodyear to raise prices on passenger tires
    • Goodyear joins EASE Logistics, Ohio city to launch connected mobility pilot program
      Goodyear to raise prices on passenger tires
      Ryan Patterson to lead Goodyear-Cooper integration efforts
      Failed takeover by Apollo a distant memory for Cooper
    • Foam shortage a major concern for auto makers, seating suppliers
      New Products: Kraiburg launches advanced, ‘supersoft' TPEs
      Trelleborg divests U.K. offshore oil and gas operation
      Myers Industries raising prices citing material costs
    • Foam shortage a major concern for auto makers, seating suppliers
      New Products: Kraiburg launches advanced, ‘supersoft' TPEs
      view gallery
      6 photos
      Photos: Auto industry embraces Industry 4.0
      Arburg publishes its first sustainability report online
    • New legacy taking shape at Stockwell Elastomerics
      Fenner opens new textile treatment line in Pennsylvania
      Stockwell Elastomerics' legacy moves on
      Larger mixers tout economies of scale, along with the need for speed
    • Ohio firm focuses on making better masks in U.S.
      U.S. to increase NBR, make gloves using Defense Production Act
      Tire Cologne canceled; rescheduled for 2022
      Tire Technology Expo canceled for 2021
    • Ryan Patterson to lead Goodyear-Cooper integration efforts
      New legacy taking shape at Stockwell Elastomerics
      Davis-Standard promotes Andrew Alaya to aftermarket sales role
      Harwick Standard adds Flores to West Coast sales team
    • To boost U.S. microchip production, Biden administration must find supply chains weaknesses
      TIA among associations against increase to minimum wage
      9 Goodyear-Cooper Tire stories you may have missed
      Cooper recalling 430,000+ whitewall LT tires in multiple brands
    • Column: Value is the stuff in custom mixing
      New legacy taking shape at Stockwell Elastomerics
      Column: Discussions of race, equality may mean uncomfortable moments
      Column: Business trips possible because of essential workers
    • Studying RPA ASTM methods for detecting compound quality differences
      Damage mechanism in oil and gas formulations during downhole testing
      Advancements in synchronous drive belt design for industrial and consumer markets
      Effects of multiple repurposed materials for reinforcements of standard rubber compounds
    • Rubber Division introduces WORD webinar series
      WORD panelists say evolution, authenticity keys to success
      New video celebrates women in rubber industry
      ITEC panelists say women can thrive in tire industry
    • Goodyear recognized by Lockheed Martin as 'elite supplier'
      EV tire advancements to help secure future
      Lambillotte: Only question on AVs is timing
      CAR official says EV future brighter than autonomous
    • Rubber Division introduces WORD webinar series
      Rubber Division seeks abstracts for 200th Technical Meeting
      WORD panelists say evolution, authenticity keys to success
      IEC keynote: Communication key to logistics
    • Sponsored By HEXPOL Compounding
      Faster Access to Your Polymer Compounding Experts Around the World
      Sponsored By HEXPOL Compounding
      Take a walk thru a HEXPOL Lab
      Sponsored By HEXPOL Compounding
      HEXPOL offers a unique selection of High Performance Elastomers to match your application requirements
      Sponsored By HEXPOL Compounding
      It’s what you can’t see that makes the Difference at HEXPOL
  • Blogs
    • Products
    • Wacky World of Rubber
    • New Products: Kraiburg launches advanced, ‘supersoft' TPEs
      New Products: Mahr Inc. introduces MarForm MMQ 500 Form Tester
      New Products: Starrett expands field-of-view for multi-sensor vision system
      New Products: Nova thinks outside the box with sealing tech
    • Wacky World of Rubber: How Trelleborg, teens sealed a spot in the world record book
      Wacky World of Rubber: Of chicken and feet, but not chicken feet
      Wacky World of Rubber: Time to go mattress shopping
      Wacky World of Rubber: Because nothing says football like 'frunk' shrimp
  • Newsletters
    • Rubber in Automotive
    • Silicone News
    • Latex News
    • Sign Up for Newsletters
    • Foam shortage a major concern for auto makers, seating suppliers
      Goodyear joins EASE Logistics, Ohio city to launch connected mobility pilot program
      view gallery
      6 photos
      Photos: Auto industry embraces Industry 4.0
      Goodyear to raise prices on passenger tires
    • New legacy taking shape at Stockwell Elastomerics
      Fenner opens new textile treatment line in Pennsylvania
      Stockwell Elastomerics' legacy moves on
      Larger mixers tout economies of scale, along with the need for speed
    • Top Glove eyes new expansions with Hong Kong listing
      Sri Trang Gloves starts major capacity expansion
      Synthomer dismisses takeover reports
      Combined Goodyear-Cooper Tire company has tire technology, sustainability edge
  • Multimedia
    • Videos
    • Photo Galleries
  • Directory
  • Resources
    • Classifieds & Mold Mart
    • Sponsored Content
    • White Papers
    • HB Chemical
      Sponsored By HB Chemical
      The HB Chemical and Ravago Partnership: Taking Customer Service to a New Level
      Sponsored By HB Chemical
      Above and Beyond with HB Chemical
      Sponsored By HB Chemical
      The Company Behind the Inventory
      Sponsored By French Oil Mill Machinery
      Process Improvement, Cost Reduction with Custom Press Systems
    • Sponsored By Uncountable Inc.
      Labs of the Future: How to Choose a Laboratory Information Management System in 2021
      Sponsored By Uncountable Inc.
      Cooper Standard deploys lab informatics platform to synchronize R&D
      Sponsored By Elkem
      LSR Select™: A solution to improve your financial impact in molding applications
      Sponsored By HEXPOL Compounding
      Peroxide Cureable Silicone Injection Molding
  • Data
  • Events
    • RPN Events
    • RPN Livestreams/Webinars
    • Industry Events
    • Past Events
    • ITEC Library
    • International Silicone Conference Library
    • 2021 Healthcare Elastomers Virtual Edition
      2021 Rubber in Automotive Virtual Edition
      2021 International Latex Conference Virtual Edition
      2022 ITEC
  • Advertise
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
  2. News
February 10, 2011 01:00 AM

Goodyear still in red despite higher sales

  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    AKRON (Feb. 10, 2011)—Goodyear's sales were up 14 percent for the fourth quarter of 2010 and 16 percent for the full year compared with the same periods in 2009, according to financial results released today.

    Despite improved sales, however, the Akron-based tire maker continued to lose money: $177 million for the quarter, compared with $107 million for the fourth quarter of 2009, and $216 million for the year, compared with $375 million for the full year of 2009.

    “Higher raw materials costs are our most significant challenge,” said Goodyear Chairman Richard J. Kramer during a Feb. 10 conference call to discuss the company's results. The price of natural rubber alone, Kramer said, has risen 40 percent since October 2010 to $2.50 per pound.

    Foreign currency translations also have hurt profits, including devaluation in Venezuela and a weaker euro, said Kramer and Darren R. Wells, Goodyear executive vice president and CFO.

    Fourth-quarter 2010 sales totaled $5.1 billion, with tire unit volumes up 4 percent to 45 million, Goodyear said. Sales in the fourth quarter benefited from an improved price/mix, which drove revenue per tire up 12 percent minus the impact of foreign currency translation, the company said.

    Other tire-related businesses, such as third-party North American chemical sales, saw a sales increase of $159 million, although unfavorable foreign currency translation reduced sales by $111 million, Goodyear said.

    Full-year sales were $18.8 billion, reflecting the $1 billion impact of an 8-percent improvement in tire unit volume as well as a $582 million increase in sales in third-party chemicals and other tire-related businesses, Goodyear said.

    Despite raw material and currency translation headaches, operating income rose for all of Goodyear's business segments, Kramer and Wells said. The company's quarterly segment operating income of $224 million was particularly impressive considering the sharp increases in raw materials costs, they said.

    Goodyear's North American tire segment was profitable for both the quarter and the year, while Asia Pacific and Latin American sales achieved records for both periods, according to the company.

    Goodyear is on track to achieve its goal of 5-percent return on sales, according to Kramer and Wells. In its ongoing effort to eliminate high-cost capacity on a global basis, they said, the company has decided to close its Union City, Tenn. plant and is planning to sell a farm tire plant in France to Titan Tire Corp.

    The company is also working to offset high NR prices by substituting synthetic rubber for NR wherever possible, reducing tire weight and aggressively pursuing alternative materials such as bioisoprene, they said.

    Letter
    to the
    Editor

    Rubber & Plastics News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].

    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Get our newsletters

    Staying current is easy with Rubber & Plastics News delivered straight to your inbox, free of charge.

    Subscribe Today

    Subscribe to Rubber & Plastics News to get the best coverage and leading insights in the industry.

    SUBSCRIBE
    Connect with Us
    • LinkedIn
    • Facebook
    • Twitter

    MISSION

    To serve companies in the global rubber product industry by delivering news, industry insights, opinions and technical information.

    web
    Contact Us

    2291 Riverfront Pkwy, Suite 1000
    Cuyahoga Falls,
    OH 44221

    Customer Service:
    877-320-1726

    Resources
    • About Us
    • Digital Edition
    • Contact the Staff
    • Advertise
    • Order Reprints
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Partner Sites
    • Tire Business
    • European Rubber Journal
    • Plastics News
    • Plastics News China
    • Urethanes Technology
    • Automotive News
    • Crain Brands
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • News
      • Automotive
      • Tire
      • Non-Tire
      • Suppliers
      • Silicone
      • Latex
      • Coronavirus
      • Executive Action
      • Government/Legal
      • Opinion
      • Technical Notebooks
      • Women in Tire & Rubber
      • ITEC
      • International Elastomer Show
      • HEXPOL Sponsored Content
    • Blogs
      • Products
      • Wacky World of Rubber
    • Newsletters
      • Rubber in Automotive
      • Silicone News
      • Latex News
      • Sign Up for Newsletters
    • Multimedia
      • Videos
      • Photo Galleries
    • Directory
    • Resources
      • Classifieds & Mold Mart
      • Sponsored Content
      • White Papers
    • Data
    • Events
      • RPN Events
      • RPN Livestreams/Webinars
      • Industry Events
      • Past Events
      • ITEC Library
      • International Silicone Conference Library
    • Advertise
    • DIGITAL EDITION