Goodyear's net sales for 2004 were a record $18 400 million, an increase of 21 percent over $15 100 million in 2003. Tyre volume in 2004 was 223 million units, up 5 percent from 2003. On a like-for-like basis, units increased 2 percent for the year.
Sales increased in 2004 largely due to the consolidation of two subsidiaries, improved pricing and product mix in all of the company's business units, higher unit volume and currency translation. The company estimates that currency translation, primarily in Europe, added approximately $540 million in sales income.
Goodyear's net income in 2004 was $115 million compared to a net loss of $807 million in 2003. Income from the company's business segments surpassed $1000 million, and increased 111 percent compared to 2003.
The company estimates that increases in raw material costs reduced 2004 earnings by $280 million, while currency translation had a positive impact of approximately $30 million.
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Press release from Goodyear