Goodyear Shows 1H YoY Sales, Net Income Drop - Tire Review Magazine

Goodyear Shows 1H YoY Sales, Net Income Drop

Goodyear-logo-RSGoodyear Tire & Rubber Co. reported a 6% decline in sales for the first half of the year, and net income for the period came in at $194 million, down from $224 million.

The Akron-based tiremaker noted that its first half sales of $9.1 billion (down from $9.75 billion YoY) came on 80.6 million tires, a total that was up 2% year-over-year. Within, replacement tire sales were up 4%, Goodyear said, while its OE business saw a 3% drop off in units.

Goodyear’s North America segment showed first half sales of $3.92 billion compared to $4.37 billion for the same period last year. Segment operating income came to $364 million, up from 2013’s $331 million. Units moved for the first six months of the year reached 29.9 million tires, up slightly YoY from 29.6 million.

“We delivered record second quarter results, driven by strong consumer replacement volumes in all of our regions where our new products are in demand,” said Rich Kramer, chairman and CEO. “Our performance in the first half, which was achieved through a balance of volume growth and cost reduction, gives us confidence that our strategy is working and we are on track to attain our 2014-2016 financial targets.”

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