Goodyear Tire & Rubber Co. reported a fourth-quarter profit compared with a loss a year earlier, as sales rose for the quarter and full year.
The tire maker earned $18 million, or 7 cents per share, for the quarter, turning around a loss of $177 million, or 73 cents, a year ago.
The prior-year period had included a $160 million charge related to closure of a Tennessee plant.
Sales rose 12% to $5.7 billion from $5.1 billion a year earlier, on 19% per-tire higher prices, excluding currency conversion.
Volumes fell 5%, reflecting declining replacement industry volumes in mature markets along with business challenges in Latin America and flooding in Thailand.
North American tire operating income almost doubled, to $21 million from $11 million, although tire volume slipped to 16.6 million from 16.9 million.
Goodyear said it expects long-term growth in the global tire industry to continue, but at a slower pace, and that first-quarter raw materials costs will rise 20% to 25% over last year.
For the full year, Goodyear expects commercial replacement to rise 2% to 6% and commercial original equipment to gain 10% and 15%.
Full-year net income was $321 million, or $1.26 per share, compared with a loss of $216 million, or 89 cents, in 2010.
Revenue per-tire rose 17% while total revenue improved 21% to $22.8 billion, a record.
Full-year North American tire operating income jumped to $276 million from $18 million, while tire volume slipped to 66 million from 66.7 million.
