For the nine-month period, Goodyear’s sales dropped 8 percent to $11.4 billion compared to 2015. In addition to the deconsolidation in Venezuela, the firm cited unfavourable foreign currency exchange rates. Net income however increased 2 percent to $703 million.
Year-to-date, tire unit volumes have increased 1 percent to 125 million thanks to growth in the Asia-Pacific region, primarily in China and Japan—thanks to the acquisition of a controlling interest in Nippon Goodyear Ltd. Replacement shipments are up 2 percent and original equipment unit volume decreased 3 percent overall, but when excluding the impact of the deconsolidation of Venezuela OE volumes increased 2 percent.
Regionally, the firm reported decreased shipments and sales in its Americas region. Sales declined 14 percent to $2.1 billion and an 8 percent decrease in unit volume to 18.6 million units. For the nine months, sales dropped to $6.11 billion (from $7.06 billion) and unit volumes decreased by 5.1 million to 55.4 million.
In Europe, Middle East and Africa, sales 7 percent to $1.24 billion and unit volumes dropped 5 percent to 15.4 million. Unit volumes for the nine month period have increased slightly, by 100,000 units to 47 million, but sales have slipped to $3.75 billion compared to $3.92 billion the previous year.
Its Asia-Pacific region saw tire unit volumes increase by 25 percent to 8 million and sales increase to $541 million compared to $458 million in 2015. The firm experienced growth for the nine month period as well with sales increasing to $1.56 billion and unit volumes up to 22.6 million. Goodyear said its Nippon Goodyear acquisition positively impacted volumes by 1.3 million units and sales by $48 million.