AKRON (Oct. 29, 2015) — Goodyear reported record operating income for the quarter ended Sept. 30 despite a 10.4-percent drop in sales.
Segment operating income rose 15.2 percent to $599 million, a performance Goodyear chalked up to strong demand for its high value-added products. The Akron-based tire maker's net income shot up 68.3 percent to $271 million on sales of $4.18 billion.
Goodyear attributed $430 million of the sales drop to unfavorable currency translation. Unit tire volume was up 1 percent to 42.5 million units, Goodyear said.
Segment operating income for the nine-month period was up 14.2 percent to $1.55 billion, again despite a 10.2-percent drop in sales, to $12.4 billion. Goodyear cited unfavorable currency translation of $1.2 billion as the primary reason.
Tire volumes for the first nine months increased 1 percent to 124.1 million, including a slight increase to 46.2 million in North America compared to 45.1 million for the first nine months of 2014.
Third quarter sales in North America fell 1.5 percent to $1.98 billion, though the company reported that volume increased to 15.6 million units.
Sales decreased in each other region of the world.
Tire volumes decreased to 16.2 million Europe, Middle East and Africa; held flat at 6 million in Asia-Pacific; and increased to 4.7 million in Latin America compared to 4.3 million in 2014.