AKRON, Ohio -- Goodyear Tire & Rubber Co. has reported third quarter 2010 sales and tire unit volumes that were the highest achieved since the third quarter of 2008.
"We are pleased with our continued strong operating results and made significant progress in all of our strategic focus areas during the third quarter," said Richard Kramer, chairman and CEO. "We are encouraged by the strength and breadth of the industry recovery.
"The bottom line," Kramer added, "is that as we look to the future we feel good about the direction of the tire industry, and we feel even better about our direction as a company."
Goodyear's third quarter 2010 sales were $5 billion, up 13 percent from the 2009 quarter. Tire unit volumes totaled 47.7 million, up 6 percent from last year.
The company said third quarter sales reflect the $211 million impact of the increase in volume. Sales benefited from price/mix improvements, which drove revenue per tire, excluding the impact of foreign currency translation, up 8 percent over the 2009 quarter despite higher original equipment sales. Sales were also impacted positively by higher sales in other tire-related businesses, primarily third-party chemical sales in North America. Unfavorable foreign currency translation reduced sales by $88 million.
"Goodyear's innovation engine and resulting new products continue to win awards and third-party recognitions that drive differentiation in the marketplace and ultimately translate into consumer demand for our premium branded products," Kramer said.
Goodyear's third quarter 2010 net loss was $20 million (8 cents per share), compared with net income of $72 million (30 cents per share) in the 2009 quarter. All per share amounts are diluted.
Goodyear's sales for the first nine months of 2010 were $13.8 billion, up 16 percent from $11.9 billion in the 2009 period. Goodyear's year-to-date net loss of $39 million (16 cents per share) compares to a net loss of $482 million ($2 per share) in 2009's first nine months. All per share amounts are diluted.