Goodyear reports third quarter results
Goodyear Tire & Rubber Co.'s third quarter net income was $9.3 million, a $7.7 million decrease from the same period last year.
The company says negative effects of "currency movements" reduced operating income by $20 million during Q3 2001.
"Third quarter results reflect continued weak economic conditions and market deterioration in much of the world and an abrupt decline in sales in September," say Goodyear officials.
Goodyear's global third quarter sales totaled $3.7 billion vs. $3.6 billion for the third quarter of 2000.
However, the Akron, Ohio-based tiremaker estimates currency movements dropped consolidated sales by $85 million in Q3 2001.
Goodyear's North American tire sales during the third quarter were about $1.9 billion, compared to $1.8 billion for the same period last year.
Its Q3 North American tire unit volumes rose 2.3% from similar-period 2000 levels. "Replacement market volumes increased 5.8% for the quarter...shipments to original equipment customers were down 6.7%.
"Operating income in the third quarter was favorably impacted by a change in product mix to higher-margin tires, price increases in the replacement market, lower raw material costs and higher volume," Goodyear officials say.
Goodyear will discuss Q3 results in greater detail during an investor conference call later this morning.