Goodyear Reports Results for 2004's First Quarter - aftermarketNews

Goodyear Reports Results for 2004’s First Quarter

Goodyear Tire & Rubber Co. posted its financial results late Friday afternoon, after postponing the announcement on June 16, to take additional time to complete first quarter financial statements. Goodyear reported record quarterly sales of $4.3 billion for the first quarter of 2004, up 21 percent from the prior-year period. Tire unit volume in the first quarter of 2004 was 55.7 million units, up from 52.6 million units in 2003.

AKRON, OH — Goodyear Tire & Rubber Co. posted its financial results late Friday afternoon, after postponing the announcement on June 16, to take additional time to complete first quarter financial statements.

Goodyear reported record quarterly sales of $4.3 billion for the first quarter of 2004, up 21 percent from the prior-year period. Tire unit volume in the first quarter of 2004 was 55.7 million units, up from 52.6 million units in 2003.

The company said first quarter sales increased, compared to the 2003 period due in part to stronger volume, higher pricing and a more-favorable product mix, as well as an estimated $200 million positive impact of currency translation.

Total segment operating income was $216.1 million in the first quarter of 2004, a five-fold increase compared to $42 million in the 2003 quarter.

The company reported a net loss of $76.9 million (44 cents per share) for the first quarter of 2004, compared with a net loss of $196.5 million ($1.12 per share) in the first quarter of 2003.

Six business units, including North American Tire, improved segment operating income and segment operating margin compared to the 2003 first quarter. Higher unit volume, improved product mix, higher selling prices and cost reduction actions drove the segment operating income gain. Improvements in operating results were offset somewhat by an increase in raw material costs of approximately $30 million compared to the first quarter of 2003.

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