By Alex Kapadia
Goodyear has today announced improved third quarter earnings in 2009 and discussed opportunities available which will stem from the tyres market recovery.
Robert J. Keegan, the company chairman and chief executive officer, said: “The strength of our brands and steady stream of new and innovative tyres such as our branded fuel-efficient tyres provided marketplace momentum and led a strong third quarter performance.
“The success of our Top Line, Cost and Cash actions together with improving market conditions and lower raw material costs drove improved third quarter earnings compared to both last year and to the second quarter.
“We are pleased that our results for the quarter were in line with our original operating plan despite more difficult conditions than we had expected at the beginning of the year.”
Goodyear said it anticipates year-over-year global industry growth in 2010, especially in markets for tyres featuring high-value-added features, larger rim diameters and fuel-efficient technology.
The company’s industry-leading new product engine, advantaged supply chain and reduced cost structure position it well to capitalise on these market opportunities.
Additionally, the company’s strength in high-growth markets of the world in Asia, Latin America and Eastern Europe will allow it to leverage its advantages in these markets and capture a significant portion of that growth potential.