Goodyear reports record second quarter results

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Goodyear has reported record results for the second quarter of 2015. “We delivered outstanding segment operating income growth and achieved a segment operating margin of more than 13%, despite significant foreign currency and global economic headwinds,” said Richard J Kramer, chairman and CEO.

“North America continued to lead the way with a 54% increase in segment operating income and a 16% segment operating margin driven by strong demand for our products,” he added. “Additionally, three of our four businesses posted segment operating margins in excess of 10%.”

“Our strong second quarter results – even amid ongoing global challenges – reflect the strength of our strategy and of our value proposition,” Kramer added.

Goodyear’s second quarter 2015 sales were US$4.2bn, down from US$4.7bn a year ago, with the decrease largely attributable to unfavorable foreign currency translation of US$401m.

Tire unit volumes totaled 40.8 million for the second quarter of 2015, up 1% from last year. Original equipment unit volume was up 4%. Replacement tire shipments were down 1%.

The company reported second quarter segment operating income of US$556 million in 2015, up 21% from the previous year and a record for any quarter. The increase in segment operating income was driven by favorable price/mix net of raw materials and cost reduction actions. These were partially offset by inflation and unfavorable foreign currency translation.

August 6, 2015

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Rachel's career in journalism began around five years ago when she started working for UKi Media & Events, having recently graduated from Coventry University where she studied the subject. Her favourite aspect of the job is interviewing industry experts, including researchers, scientists, engineers and technicians, and learning more about the ground-breaking technologies and innovations that are shaping the future of the automotive and tire industries.

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