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
