Goodyear Registers Successful First Quarter

Goodyear has registered a successful first quarter in 2010, as the tire maker has seen its global sales increase by 21 percent to $4.3 billion, compared to the same period of last year.

In North America, the company’s sales grew by 15 percent to $1.8 billion, with the increase being driven by a 9 percent increase in the tire unit volume and strong price mix/performance. The tire maker’s sales in Europe, Middle East and Africa rose by 21 percent to $ 1.5 billion, thanks to a 14 percent increase in tire unit volume and favorable currency translation.

Goodyear’s Latin America sales surged 25 percent to $478 million, primarily thanks to a 21 percent increase in tire unit volume, while the company’s Asia Pacific sales surged 42 percent to $484 million, driven by a 27 percent increase in tire unit volume and favorable foreign currency translation.

The company’s tire unit volume increase was mainly driven by a surge in the original equipment area (this resulted from higher vehicle production). In addition to that, Goodyear also saw its replacement tire sales increase.

We are very pleased with our strong first quarter performance," said Richard J. Kramer, president and chief executive officer. "As markets around the world continue to improve, we are starting to see the benefits of the strategic actions we took last year, including our commitment to launch innovative new products during an economic downturn. The strategic actions contributed to strong growth in both sales and earnings, positioning us well as the global economy continues its recovery."

Kramer added that the company’s top priorities include, among others, continuing to develop innovations, increasing operating efficiencies throughout the supply chain and taking full advantage of the emerging market’s potential.
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About the author: Andrei Tutu
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In his quest to bring you the most impressive automotive creations, Andrei relies on learning as a superpower. There's quite a bit of room in the garage that is this aficionado's heart, so factory-condition classics and widebody contraptions with turbos poking through the hood can peacefully coexist.
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