Akron, OH - Goodyear Tire & Rubber reported improved tire unit volumes, higher sales and a net profit in the second quarter of 2010. “We are very pleased with our strong performance in the second quarter and first half of the year,” said Richard J. Kramer, president and chief executive officer. Kramer noted that improved results in the company’s North American Tire business unit made a significant contribution to Goodyear’s second quarter success. Goodyear’s second quarter 2010 sales were $4.5 billion, up 15% from the 2009 quarter. Second quarter sales reflect the $304 million impact of a 10% increase in tire unit volume due to improved global demand. Sales were also positively impacted by $161 million from higher sales in other tire–related businesses, primarily third–party chemical sales in North America, and by improved price/mix. Unfavorable foreign currency translation reduced sales by $37 million. The company had segment operating income of $219 million in the second quarter of 2010, up from $24 million in the year–ago quarter. Compared to last year, second quarter segment operating income reflects higher global demand, strong price/mix performance and cost reduction actions. Goodyear’s second quarter 2010 net income was $28 million (11 cents per share), compared with a loss of $221 million (92 cents per share) in the 2009 quarter. All per share amounts are diluted. “Raw material costs remain a challenge and we continue to see an uncertain economy, but we remain focused on the proven strategies that have enabled us to address these headwinds over time,” Kramer said.
www.altrubber.com Alternative Rubber & Plastics, Inc. is an ISO 9001 certified distribution and development company with a strong focus on rubber, plastics and specialty polymers.
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