AKRON (Feb. 13, 2014) — Goodyear reported record segment operating income of $419 million in the fourth quarter of 2013.
That was an improvement of 54 percent, on 5-percent lower sales of $4.79 billion.
Goodyear credited the improved quarterly earnings to a favorable price/mix, lower unabsorbed overhead and higher unit volumes. Net income attributable to shareholders was $228 million in the quarter.
For fiscal 2013, Goodyear reported a 27-percent gain in segment operating income to $1.58 billion on 7-percent lower sales of $19.5 billion. Net income more than tripled to $600 million, or 3 percent of sales.
The Akron-based tire maker attributed the lower revenues to lower sales in its third-party chemical sales in North America, unfavorable foreign currency translations, lower tire unit volumes and lower price/mix.
Tire unit volumes fell 1 percent to 162.3 million.