(MENAFN- Khaleej Times) The Goodyear Tire & Rubber Company has reported record earnings for the second quarter of 2013 for the Middle East and Africa and worldwide.
The company reported record segment operating income of $428 million in the second quarter of 2013. This was up 27 per cent from the year-ago quarter, reflecting favorable price/mix net of raw materials of $92 million, cost savings net of inflation of $38 million (including raw material cost savings of $53 million) and $11 million in higher tire unit volumes, partially offset by unabsorbed overhead of $47 million resulting from lower production and $12 million in unfavorable foreign currency translation.
"Our outstanding second quarter earnings demonstrate the disciplined execution of our strategies by Goodyear associates around the globe as our operations become more efficient, reliable and integrated," said Richard J Kramer, chairman and chief executive officer. Europe, Middle East and Africa's Q2 sales decreased one per cent from last year to $1.6 billion. Sales reflect a two per cent increase in tire unit volume, which was more than offset by lower price/mix. Original equipment unit volume was up seven per cent. Replacement tire shipments were up one per cent.
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