Sales Bounce at Goodyear

Tire volume in the second quarter was 56.4 million units.
Author:
Publish date:

Goodyear

(GT) - Get Report

had its biggest quarterly sales number ever thanks to improved pricing, a better product mix and volume gains, as well as the favorable effects of currency conversion.

The Akron, Ohio, tiremaker said second-quarter earnings rose to $69 million, or 34 cents a share, from $30 million, or 17 cents a share, a year ago. Sales of $5 billion were a record for any quarter, and a 10% increase from $4.5 billion during the 2004 period.

Tire volume in the second quarter was 56.4 million units, up from 55 million units last year. The volume growth was driven by the European, Latin American and Asia-Pacific markets.

Raw-material costs increased by about $133 million during the quarter, vs. a year ago. Goodyear expects raw-material costs to grow by about 10% for the full year.

Shares of Goodyear were gaining 65 cents, or 3.7%, to $18.10 in after-hours trading.