Goodyear Reports Record Second Quarter Earnings
www.chinaspv.com: The Goodyear Tire & Rubber Company (Shanghai) reported record earnings for the second quarter of 2013 in July 30, 2013.
"Our outstanding second quarter earnings demonstrate the disciplined execution of our strategies by Goodyear associates around the globe as our operations become more efficient, reliable and integrated," said Richard J. Kramer, chairman and chief executive officer. "We are leveraging this increased integration along with our product innovation to deliver sustainable earnings improvement through the cycle."
"We achieved significantly higher earnings, with record operating income in North America and Asia Pacific," he said. "Our objective remains to focus on profitable targeted market segments where we can capture the value of our brands and prepare ourselves to take advantage of the market recovery when it comes."
All four of Goodyear's regional businesses achieved higher operating income in the second quarter compared to the year-ago period. Three businesses posted higher tire unit volumes than last year.
"Our strong first-half performance gives us confidence in our full-year outlook for global segment operating income, which we now expect to be about $1.5 billion, at the high end of our previously announced range of $1.4 billion to $1.5 billion, and the highest ever achieved by the company," Kramer said.
Goodyear's second quarter 2013 sales were $4.9 billion, compared to $5.2 billion a year ago. Second quarter 2013 sales reflect $35 million in higher tire unit volumes, more than offset by $131 million in lower sales in other tire-related businesses, most notably third party chemical sales in North America; $75 million in lower price/mix, despite continued favorable mix; and $60 million in unfavorable foreign currency translation. Tire unit volumes totaled 39.5 million, up 1 percent from 2012.
The company reported record segment operating income of $428 million in the second quarter of 2013. This was up 27 percent from the year-ago quarter, reflecting favorable price/mix net of raw materials of $92 million, cost savings net of inflation of $38 million (including raw material cost savings of $53 million) and $11 million in higher tire unit volumes, partially offset by unabsorbed overhead of $47 million resulting from lower production and $12 million in unfavorable foreign currency translation.
Asia Pacific's second quarter sales decreased $15 million from last year to $585 million. Sales reflect a 5 percent increase in tire unit volume, offset by reduced price/mix, $12 million in lower sales in other tire-related businesses and $10 million in unfavorable foreign currency translation. Original equipment unit volume was up 4 percent. Replacement tire shipments were up 6 percent.
Second quarter segment operating income of $91 million was up 28 percent from last year and a record for any quarter. Segment operating income was positively impacted by favorable price/mix net of raw materials of $11 million, lower factory start-up costs of $9 million and $7 million in higher tire unit volumes, which more than offset $5 million in higher conversion costs and $4 million in unfavorable foreign currency translation.
- IAA 2018: Goodyear Showcases Its First-ever Most Fuel-efficient Tire 2018-09-20
- Goodyear Expands Total Solution 2017-02-03
- Goodyear China Named Top Employer for the 7th Consecutive Year 2016-12-07
- Goodyear Plans to Roll Out New Tires for Commercial Vehicles in 2016 2015-11-20
- Goodyear S200 special for China market 2014-12-12
- Goodyear Launches S200 Tire for Bus and Truck 2014-11-14
- Goodyear Launches S200 Tire for Bus and Truck 2014-09-11
- Goodyear to Build New Plant in America for 24 Years 2014-06-04
- Goodyear Tires Sees a Soaring Net Profit by 113% 2013-08-02
- Goodyear introduces Dunlop steer tire 2012-02-02
Submit Your Requirements, We Are Always At Your Service.
- The Third China Heavy-duty Truck Bo’ao Forum Held in Hainan
- BYD Rolls Off Its New Energy Sanitation Vehicles in Changsha
- SHACMAN Industrial Park Starts Operation
- JAC and Huawei Signed a Comprehensive Cooperation Framework Agreement
- Dongfeng Commercial Vehicle Attends 2019 China Int'l Heavy-duty Truck Fair
- BYD, Anheuser-busch and Nikola Completes First Zero-emission Beer Delivery
- China's Heavy-duty Truck Sales Continue to Climb in November
- XCMG Signed a Strategic Cooperation Agreement with China Unicom on 5G
- Heavy-duty Trucks Sales Expected to Exceed One Million Units Annually
- FAW Jiefang’s New Production Base Starts Construction in Liuzhou
C&C Trucks Co., Ltd.
C&C Trucks Co , Ltd (C&C Trucks), located in Sanshan Economic Development Zone, Wuhu, Anhui Province, a holding company under China International Marine Containers (Group) Co , Ltd (CIMC), is a large heavy truck enterprise integrating the research and development, production
- Heavy Truck Sales in China Hit New Annual High in 2019
- China Sold 518,700 Units Tractors in November
- China Sold 102,000 Units Heavy-duty Trucks in November
- Dongfeng Medium and Heavy Truck Sales Reached 17,456 Units in November
- China Sold 357,000 Units Commercial Vehicles in October
- Sales of Pickups in Beijing Soared by 539% from January to September
- DFAC Jan-Oct Sales Reached 130,000 Units
- China Oct Heavy Truck Sales Reached 90,000 Units
- China Sold 302,000 Units Trucks in September
- Foton Sold 1,809 Units Heavy-duty Trucks in September