Goodyear’s 3Q Income, Sales Reach Record

Goodyear Tire & Rubber Co. said its third-quarter net income and sales rose to records.

The No. 1 North American tire maker earned $161 million, or 60 cents per share, turning around a loss of $20 million, or 8 cents, in the same quarter a year ago.

Sales rose 22% to $6.1 billion, its highest ever for any quarter.  Tire unit volumes totaled 47.7 million, unchanged from a year ago.

North American sales increased 18% to $2.6 billion, also a record.

Goodyear said it expects the global tire industry to continue growing in 2011, although at the low end of ranges previously forecasted in all segments except commercial original equipment.

For the full year of 2011 in North America, Goodyear said it expects the commercial original equipment sector to improve by 50% and commercial replacement to gain 13%.

It expects the consumer replacement market to be flat and consumer original equipment to rise 6%.

Goodyear said raw material costs in the fourth quarter of 2011 will jump by more than 30% from a year ago, bringing the total increase for the full year to 30% over 2010.