29 April 2011 15:42 [Source: ICIS news]
HOUSTON (ICIS)--Goodyear expects its raw material costs to increase by up to 30% year on year in the remainder of 2011, the US-based tyre major said on Friday.
At the same time, Goodyear sees continued growth in the global tyre industry, it said.
Goodyear’s full-year 2011 unit volumes could increase by up to 5% year on year, it said.
In the three months ended 31 March, Goodyear saw raw material costs surge by $385m (€258m) from the 2010 first quarter.
However, the company “made great progress in offsetting higher raw material costs through improved price/mix and in driving sales of new, innovative products," CEO Richard Kramer said.
Goodyear’s first-quarter net income was $103m, compared with a net loss of $47m in the 2010 first quarter.
First-quarter sales were $5.4bn, up 27% from the 2010 first quarter and marking the highest ever sales achieved by the company in any quarter, it said.
($1 = €0.67)
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