Goodyear Q1 earnings plummet as raw materials costs rise

Akron, Ohio — Goodyear’s net income plummeted 54.8% to $75 million (€61.6 million) despite a 3.5% increase in net sales of $3.83 billion in the first quarter, ended 31 March, compared with the year-ago period.

Tire unit volume totalled 39 million, down 2.5% from 2017. OE unit volume fell 4%, primarily driven by declines in the smaller than 17-inch rim size segment in the Europe/Middle East/Africa (EMEA) region. Replacement tire shipments slid 2%, largely due to reduced industry demand for consumer tires in the US and…

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