Goodyear reports that its 57 product launches during the first nine months of 2009 have surpassed its roll-out target for the entire year.
In recent months the company has debuted 15 tires in addition to the 42 releases it implemented during the first half of the year – exceeding its initial goal of 50-plus releases for all of 2009.
“The strength of our brands and steady stream of new and innovative tires, such as our branded fuel-efficient tires, provided marketplace momentum and led a strong third quarter performance,” says Robert J. Keegan, chairman and CEO.
“The success of our ‘Top Line, Cost and Cash’ actions together with improving market conditions and lower raw material costs drove improved third quarter earnings compared to both last year and to the second quarter,” he explains.
“We are pleased that our results for the quarter were in line with our original operating plan despite more difficult conditions than we had expected at the beginning of the year,” Keegan adds.
The company “anticipates year-over-year global industry growth in 2010, especially in markets for tires featuring high-value-added features, larger rim diameters and fuel-efficient technology.”
Keegan says Goodyear’s “industry-leading new product engine, advantaged supply chain and reduced cost structure position it well to capitalize on these market opportunities.”
Third quarter sales were $4.4 billion, down 15 percent from 2008’s third quarter; they were up 11 percent over the second quarter of this year.
Keegan says the figures “reflect the $276 million impact of a 7 percent decline in tire unit volume due to lower industry demand as well as a $279 million reduction in sales in other tire-related businesses, primarily third-party chemical sales by North American Tire. Unfavorable foreign currency translation further reduced sales by $159 million.”
For more information, visit www.goodyear.com/corporate.
