Goodyear Tire & Rubber Co. recorded net income of $47 million on net sales of $5.6 billion for its second quarter ended June 30, 2011. That compares to income of $28 million on sales of $4.5 billion for the same period in 2010.
Segment operating income was up $74%, from $219 million to $382 million. The sales for 2Q 2011 were a Goodyear record for any quarter.
"I’m very pleased with our outstanding second quarter results, which represent another step on the path toward our 2013 targets,” says Richard Kramer, chairman, CEO and president. “They present confirmation that our strategies are right and that they are working.
In North America, the company increased year-to-year sales by 17.6%, from $2 billion to $2.4 billion. (For more information, click "In North America, Goodyear sales increase 17.6%.")
"Earnings growth in North America is a key outcome of our strategies," says Kramer. "North American Tire’s second quarter results show the type of performance we should be able to sustain once we reach our 2013 targets.”
Second-quarter sales also reflect strong price/mix improvements, according to Goodyear. The improvements drove revenue per tire up 18% over 2Q 2010, excluding the impact of foreign currency translation.
Tire unit volumes totaled 42.9 million, down 2% from 2010. Goodyear says the decrease primarily reflects weaker industry volumes, particularly in the North American consumer tire business.
For the first six months of fiscal 2011, Goodyear posted net income of $150 million on net sales of $11 billion. That compares to a net loss of $19 million on sales of $8.8 billion for the same period last year.
