AKRON (Nov. 10, 2004) — Goodyear reported net income of $36.5 million in the third quarter on record sales of $4.7 billion—improvements of 130.6 percent and 20.7 percent respectively from 2003.
In last year's third quarter, the Akron-based tire maker reported sales of $3.9 billion and a net loss of $119.4 million. Goodyear said the current period's growth reflects improved pricing and product mix, higher unit volume and robust commercial tire sales. Tire unit volume in the quarter grew to 57.4 million units vs. 55.3 million units a year ago.
The third quarter results also were improved from 2004's second quarter, when Goodyear reported net income of $25.1 million and sales of $4.5 billion.
In the third quarter, the tire maker also said total segment operating income hit $305.1 million, doubled from $151.4 million last year.
In its North American Tire unit, Goodyear reported sales of $2.07 billion, up from $1.79 billion last year. The unit posted segment operating income of $13.5 million, improved from a loss of $36.6 million last year. Tire unit volume in the segment was essentially flat at 26.7 million units compared to 26.6 million units in 2003. Goodyear said replacement volume increased 0.9 percent in the quarter while original equipment shipments were down 2.2 percent.
For the nine months of the year, Goodyear reported sales of $13.5 billion, up 20.8 percent from $11.2 billion a year ago. Tire unit volume also grew to 168.1 million units from 160.7 million units. However, the tire maker reported a net loss for the period of $12.3 million—an improvement from a year-ago loss of $372.3 million.