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February 13, 2013 01:00 AM

Goodyear net profits, sales slip

Tire Business Report
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    AKRON—Goodyear's North American Tire unit reported record operating earnings in the fourth quarter and fiscal year ended Dec. 31, but overall Goodyear's segment operating and net profits declined.

    The company said its operating income fell 9.1 percent and net profits 43 percent for the year and break-even for the fourth quarter. For 2012, corporate sales slumped 7.8 percent for the year to $21 billion and 11.2 percent for the quarter to $5.5 billion.

    Unit tire volume decreased 10.5 percent for the year and 7.9 percent for the final quarter of 2012, the company said. Revenue generated per tire rose 1 percent in the fourth quarter.

    Goodyear said revenue in Europe was off 14 percent for the year and 19 percent for the quarter.

    Chairman and CEO Richard Kramer said he is pleased with the results and execution of the firm's strategy, and pointed out the plight of the European business unit, where the “lackluster economy” continues to worsen, despite some recent financial stability.

    Kramer said the North America, Latin America and Asia Pacific units reported successful financial performances. The highlight of the year was in the North American business, where a record-setting fourth quarter pushed its full year operating earnings to $514 million, beating the company's 2013 target of $450 million a year ahead of schedule.

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