By Denna Bowman
Goodyear have reported strong fourth quarter and full year results for 2010, boosted by increased tyres sales.
Annual sales for 2010 were $18.8 billion, up 16 percent from $16.3 billion in the 2009 period. Sales reflect the $1 billion impact of an 8 percent improvement in tyre unit volume
Richard J Kramer, chairman and chief executive officer for Goodyear, said: “Our operating results reflect significant recovery, with improvement across all of our businesses versus last year despite escalating raw material costs.
“The percentage of new products in our overall lineup is the highest ever and is driving record revenue per tyre increases and continued success in targeted markets,” he added.
“Our selective approach to the business continues to present strong profit growth opportunities. Goodyear’s leading brands and technology offer customers in targeted segments with an outstanding value proposition.”
Goodyear’s fourth quarter 2010 sales were $5.1 billion, up 14 percent from the 2009 quarter. Tyre unit volumes totaled 45 million, up 4 percent from 2009.
Fourth quarter sales reflect the $130 million impact of the increase in volume. Sales benefited from record price/mix improvements, which drove revenue per tyre, excluding the impact of foreign currency translation, up 12 percent over the 2009 quarter.