For the three months to 30 Sept, Goodyear posted a 36% decline in operating income of $357 million in 2017, down from $556 million a year ago. on sales about 3% higher at $3.9 billion.
The Akron tire maker linked the earnings decrease to higher raw material costs and the impact of lower volume, which were only partially offset by improved price/mix and net cost savings.
The increase in sales, was largely due to improved price/mix, which drove revenue per tire up 5% over the 2016 quarter, excluding the impact of foreign currency translation, Goodyear reported 27 Oct.
Third quarter tire unit volumes fell 5% year-on-year to 39.8 million, with replacement tire shipments down 4% and OE unit volume 9% lower than a year ago.
To cap it all, Goodyear also reported some significant costs incurred as a result of the hurricanes that impacted a number of its US facilities. (See separate ERJ report)