Q1 Good to Goodyear, Sales and Profits Up

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.

McCarthy Tire Service recently opened a new in-house commercial wheel refinishing facility. According to the company, the facility has the ability to refinish over 1,000 wheels per day and technicians will utilize equipment for inspection, surface preparation, pre-treatment, and automated coating techniques at the facility.

“We're thrilled to unveil this wheel refinishing facility,” John McCarthy Jr., president of McCarthy Tire Service said. “This investment reflects our dedication to providing our customers with unparalleled efficiency and a one-stop shop for all their commercial tire and wheel needs. By streamlining the refinishing process, we can help fleets minimize downtime and maximize productivity.”