The reporter learned on August 2, 2011 that Goodyear Tire & Rubber Company announced that the company's tire sales and operating income in the second quarter of 2011 had reached a record high.
• Goodyear president and CEO Richard Kramer (Richard J. Kramer) said: "For outstanding results achieved in our second quarter of 2011, I am pleased, on behalf of this company in 2013 toward our goal We have taken a solid step forward and proved that the strategies we have formulated are effective and effective."
“The growth in tire revenue in North America is the key to our strategic adherence. North American tires' second-quarter results have met our performance targets that can be sustained after achieving the 2013 target.â€
Goodyear's second-quarter sales of $5.6 billion in 2011 were 24% higher than the same period in 2010, setting a record high for quarterly company sales. Thanks to the continuously improved product pricing system and product mix, the single-quarter profit in the second quarter increased by 18% compared with the same period in 2010. “Our various businesses continued to advance rapidly in the second quarter and continued to develop and sell innovative products in the targeted market segments, further promoting the improvement of product pricing systems and product mix.†Mr. Kramer said Say.
Other tire-related businesses also brought Goodyear’s revenue growth of US$221 million in the second quarter, mainly in North America. In addition, the exchange factor has also brought about an increase in revenue.
Goodyear’s operating income for the second quarter of 2011 was US$382 million, an increase of US$163 million compared to the same period in 2010, setting a new quarterly record. Among them, product pricing and product mix improvement contributed 554 million U.S. dollars for the quarter, basically offsetting the increase in raw material costs (of which 381 million U.S. dollars net cost was used to reduce raw material costs).
Asia Pacific Tire Business
Asia Pacific tires sales in the second quarter of 2011 amounted to US$626 million, a year-on-year increase of 27%, setting a new record for Goodyear’s quarterly sales. The second-quarter sales in the Asia-Pacific region included a strong product pricing system and product mix, as well as positive foreign currency translation gains. Due to the impact caused by the earthquake in Japan, the sales volume of supporting tires decreased by 10% compared with the same period in 2010; the sales volume of replacement tires increased by 4%. Excluding exchange rate effects, unit tire profit rose 18% in the second quarter of 2011 compared with 2010.
Goodyear Asia Pacific’s operating revenue for the second quarter of 2011 was US$65 million, an increase of US$1 million compared to the same period in 2010. Improvements in product pricing and product mix contributed $83 million in revenue for the quarter, offsetting the increase in raw material costs. In addition, the input cost of opening a new factory in China also has a certain impact on the operating income in the second quarter.
First half of 2011 results
Goodyear’s sales in the first half of 2011 were US$11 billion, an increase of US$8.8 billion compared with the same period in 2010, an increase of 25%. In the first half of 2011, operating income reached US$709 million, an increase of 54% compared to the same period in 2010. Compared with 2010, revenue growth in the first half of 2011 was mainly due to sales growth in Goodyear's four major businesses and initiatives to successfully reduce costs of US$147 million.
Prospects
Goodyear expects that the global tire industry will continue to grow in the second half of 2011. Based on the second-quarter tire sales and the slightly weaker US passenger car replacement tire market outlook, Goodyear expects its 2011 tire sales growth will be downstream of the original expected growth range (3%-5%). Goodyear expects that the cost of raw materials in the second half of 2011 will increase by more than 30% compared with 2010.
Mr. Kramer pointed out: "The slow recovery of the mature market economy and the rising inflation rate in emerging markets have caused irregular growth in the tire industry, but we remain confident. Goodyear has a good market positioning and focuses on specific market segments. Our strategy, and our ongoing efforts to reduce costs and improve productivity, will be able to respond to changing demand environments."
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