26 April 2013 17:14 [Source: ICIS news]
HOUSTON (ICIS)--Goodyear said on Friday that it sold 14.8m tyres in ?xml:namespace>
Goodyear sold 39.5m tyres worldwide in the first quarter of 2013, down 8% from year ago tyre sales, the US-headquartered tyre maker said in a release reporting Q1 earnings.
The company said Q1 tyre sales to original equipment manufacturers, such as Ford and GM, were flat compared with a year ago, while replacement tyre shipments fell by 9%, "reflecting weak industry demand and decreases sales of lower-value consumer tires".
In Europe, Middle East and
As a result of the reduced tyre sales, Goodyear is now forecasting its 2013 tire unit volumes to be essentially flat compared with 2012 "as a result of weak industry conditions, especially in
For the full year in
Goodyear also expects full-year 2013 consumer replacement levels to be essentially at 2012 levels for Europe, Middle East and
Due to continued weakness in the European economy, Goodyear said it is implementing a three-point plan to return its business to historical margin levels. The company plans to exit the farm-tyre business in the Europe, Middle East and Africa region and close its manufacturing plant in
For the first quarter, Goodyear reported net income of $26m (€20m), or 10 cents/share, compared to a net loss of $11m, or 5 cents/share a year ago.
Goodyear’s first quarter 2013 sales were $4.9bn, compared with $5.5bn a year ago. First quarter 2013 sales reflect $364 million in lower tire unit volumes; $178 million in lower sales in other tire related businesses, most notably third party chemical sales in
($1 = €0.77)
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections