Goodyear’s Selling up in Q3

Goodyear is one of the world’s largest tire companies. It releases the third quarter business results recently. The sales increased 2% to $5.2 billion and the revenue per tire excluding translation increased 8%. Third quarter 2008 income from continuing operations was $31 million (13 cents per share). This compares to $159 million (67 cents per share) last year. Goodyear had net income of $668 million ($2.75 per share) in the 2007 third quarter, including a gain of $517 million ($2.12 per share) on the sale of its former Engineered Products business. All per share amounts are diluted.

At present, the tire industry is facing challenging business conditions as the global financial crisis and slowing economic conditions are impacting consumer demand in all regions.

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