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October 29, 2015 02:00 AM

Goodyear reports strong third quarter results

Rubber & Plastics News Report
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    AKRON—Goodyear reported a 68 percent increase in net income for the third quarter despite a decrease in sales for both the quarter and the nine-month period.

    The tire maker's net income came in at $271 million, compared to $161 million in 2014. Sales for the three-month period decreased to $4.2 billion compared to $4.7 billion in 2014. Sales for the nine month period also decreased 10 percent to $12.4 billion. The firm cited unfavorable currency translation of $1.2 billion as the primary reason.

    Tire volumes for the first nine months increased 1 percent to 124.1 million, including a slight increase to 46.2 million in North America compared to 45.1 million for the first nine months of 2014.

    Third quarter sales in North America decreased to $1.98 billion, compared to $2.01 billion for 2014, though volume increased to 15.6 million compared to 15.2 million in 2014.

    Sales decreased in each other region of the world.

    Tire volumes decreased to 16.2 million Europe, Middle East and Africa; held flat at 6 million in Asia-Pacific; and increased to 4.7 million in Latin America compared to 4.3 million in 2014.

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