Goodyear Reports Profit in Second Quarter 2010

The Goodyear Tyre & Rubber Company on Sunday 1st August reported improved tyre unit volumes, higher sales and a net profit in the second quarter of 2010. Goodyear’s second quarter 2010 sales were $4.5 billion, up 15 percent from the 2009 quarter. Second quarter sales reflect the $304 million impact of a 10 percent increase in tire unit volume due to improved global demand.

“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, The Goodyear Tyre & Rubber Company. “Our businesses continue to perform better than last year as they capture the benefits of recovering industry demand, strong new product performance and solid productivity improvements. We are clearly on the right path as our strategies position us to grow profitably as markets continue to improve,” he added.

Sales were also positively impacted by $161 million from higher sales in other tyre-related businesses, primarily third-party chemical sales in North America, and by an improved price/mix. 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 as Goodyear continues to see an uncertain economy.