Goodyear’s Q3 earnings drop 4.5% year over year.
Goodyear Tyre and Rubber has reported a 4.5% decline in Q3 earnings at $254 million, or $0.70 per share, compared to $266 million, or $1.17 per share, in last year’s third quarter.
Richard Kramer, Goodyear’s chairman, CEO and president, said: “During the third quarter, we saw a continuation of the challenging industry conditions we experienced in the second quarter including lower consumer replacement volumes, production cuts by automakers and an increase of more than 30% in our raw material input costs.” Goodyear’s Q3 sales were $3.9 billion, up from $3.8 billion a year ago, with the increase largely attributed to improved price/mix, which drove revenue per tyre up 5% over the 2016 quarter, excluding the impact of foreign currency translation.
The company’s tyre unit volumes totaled 39.8 million, down 5% from 2016. Replacement tyre shipments were down 4%, and original equipment unit volume was down 9%.