The Goodyear Tire & Rubber Company today reported fourth quarter and full-year 2010 results with quarterly segment operating income of $224 million driving full-year segment operating income of more than $900 million.
Fourth quarter 2010 sales up 14% from last year, increases in all 4 business units
Record price/mix drives fourth quarter revenue per tire up 12% over last year
Asia Pacific, Latin America regions achieve record sales for quarter, year
North American Tire improvement continues, profitable for quarter, year
2010 cost savings of more than $460 million, on track to achieve 3-year target
“I’m very pleased with Goodyear’s performance in the fourth quarter and the full year of 2010. Our operating results reflect significant recovery, with improvement across all of our businesses versus last year despite escalating raw material costs,” said Richard J. Kramer, Chairman and Chief Executive Officer.
“The percentage of new products in our overall lineup is the highest ever and is driving record revenue per tire increases and continued success in targeted markets,” he added.
“Our selective approach to the business continues to present strong profit growth opportunities. Goodyear’s leading brands and technology offer customers in targeted segments with an outstanding value proposition,” Kramer said.
“We also remain firmly committed to improving our competitiveness and, as a result, have announced plans to close our Union City, Tenn. plant.”
Goodyear’s fourth quarter 2010 sales were $5.1 billion, up 14 percent from the 2009 quarter. Tire unit volumes totaled 45 million, up 4 percent from 2009.
