Goodyear Tire & Rubber Co. reported nearly $5 billion in sales for the quarter ended Sept. 30 – the highest in two years – but a $20 million overall loss due mainly to increasing raw materials costs.
From the same quarter last year, revenue rose 13% to $4.96 billion, and the number of tires sold rose 6% to 47.7 million units.
Goodyear said the net loss, compared to a net income of $72 million in 2009, was caused by raw material costs, which were up $381 million for the quarter. The Akron-based tiremaker said natural rubber costs have tripled since early 2009.
Richard Kramer, chairman and CEO, said improving sales pointed to continued industry recovery from the recession. "As we look to the future we feel good about the direction of the tire industry, and we feel even better about our direction as a company," he said.
Goodyear’s North American sales rose 17% to $2.2 billion, the highest in two years, with the number of tires sold up 5%. OE tire volume rose 12%.
Sales increased 7% in Goodyear’s Europe-Middle East-Africa region, 17% in Latin America and 14% in Asia-Pacific.
