Goodyear more than triples net income during Q3
Goodyear Tire & Rubber Co.'s third quarter net income totaled $33.7 million, a $24.4 million increase over the same period last year.
Goodyear's Q3 2002 global sales were $3.5 billion vs. $3.7 billion during Q3 2001.
Third quarter segment operating income reached $139.9 million, up from $136.8 million for the same period last year.
Goodyear's Q3 2002 North American Tire sales totaled $1.7 billion vs. Q3 2001's total of $1.9 billion.
Sales fell "due to reduced volume in the replacement market, lower tire units delivered in connection with the Ford tire replacement program and an unfavorable product mix," according to Goodyear officials.
However, shipments to original equipment customers grew "as automakers increased production," they report.
Goodyear is focusing on regaining its "momentum" in the consumer replacement market, says Goodyear Chairman and CEO Sam Gibara.
"We expect our sharpened market approach and effective execution will lead to improved financial performance."
Ongoing capital reductions during the fourth quarter will generate "significant cash flow," Gibara adds.