Goodyear Tire & Rubber Co. reported record sales and higher unit volumes for the first quarter of 2011 – and a net profit for the quarter.
Goodyear’s first quarter 2011 net income was $103 million, up from a net loss of $47 million for the same period in 2010.
“I’m very pleased with our outstanding first quarter results, they’re an excellent first step on our path to our 2013 targets,” said Rich Kramer, chairman and CEO. “Improvement in North American Tire is a critical element to achieving our targets. North American Tire’s first quarter performance strengthens my confidence in our future.
“All of our businesses made great progress in offsetting higher raw material costs through improved price/mix and in driving sales of new, innovative products,” he added.
The North American Tire unit posted sales of $2.31 billion and an operating profit of $40 million. Tire unit sales for the quarter were 17.1 million, up considerably from 2010’s 15.2 million.