AKRON (April 29, 2015) — Goodyear reported record operating earnings for the first quarter of 2015 and returned to the black on a net basis on 10-percent lower sales.
“Our strong first quarter provides solid momentum as we start 2015,” said Richard Kramer, chairman and CEO. “We overcame significant foreign currency headwinds and delivered record earnings led by North America, which achieved its fourth consecutive quarter of segment operating income margin of more than 10 percent.”
Goodyear's segment operating income rose 4.8 percent to $391 million on sales of $4.02 billion. The net result was $236 million, up from a $38 million loss a year ago.
Volume growth was 2 percent, Goodyear said, to 40.8 million units. OE volume was up 3 percent, while replacement shipments rose 2 percent.
“Our volume growth was driven by market demand for our award-winning, high-value-added products and gives us increased confidence in our outlook for the remainder of the year,” Mr. Kramer said.