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Goodyear lauds 'strength and breadth' of tire industry recovery

Sunday, October 31, 2010 - 23:00
Goodyear reports that its third quarter tire sales and unit volumes were the highest achieved since the third quarter of 2008.

“We are pleased with our continued strong operating results and made significant progress in all of our strategic focus areas during the third quarter,” says Richard J. Kramer, chairman and CEO.

“We are encouraged by the strength and breadth of the industry recovery,” he observes, despite a third quarter loss of $20 million (8 cents per share) – attributed to the rising cost of raw materials – compared with an income of $72 million (30 cents per share) during the same period last year.

“The bottom line,” Kramer adds, “is that as we look to the future we feel good about the direction of the tire industry, and we feel even better about our direction as a company.”

Third quarter sales were $5 billion, an increase of 13 percent over last year’s third quarter. Tire unit volumes totaled 47.7 million, up 6 percent from last year.


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