Sales and profit growth record high revenue in Asia Pacific
Goodyear Tire Company recently released its financial report. In the fourth quarter of 2009, Goodyear’s global sales and profits both increased: Goodyear’s sales in the fourth quarter were US$4.4 billion, an increase of 7% over the same quarter of 2008, with a net return of 1.07. One hundred million U.S. dollars. Thanks to the increasing demand from global consumer tires and the growth of emerging markets, the total tire sales increased by 8%.
"Goodyear's solid performance in the fourth quarter shows that raw material costs have been reduced, production has improved, and cost reduction measures have been effective. It also reflects the positive results of our business growth under challenging economic and operating conditions," Goodyear said. Chairman and CEO Robert Siegen said, “The demand for tires has begun to pick up. We expect further growth in 2010, but the degree of recovery will vary by region and product. Although the challenge will still exist, We firmly believe that Goodyear's strong market position and development capabilities will ensure that it fully grasps potential market opportunities."
Performance is good throughout the year
Due to the decrease in demand in the North American and European industries, Goodyear’s total annual sales in 2009 were US$16.3 billion, which was lower than the US$19.5 billion in 2008.
Goodyear successfully launched 62 new products this year, exceeding the target of 50 new products in 2009. In addition, Goodyear made further progress in four cost-saving plans in 2009, saving $190 million in the fourth quarter. According to this plan, the company saved a total of 2.5 billion U.S. dollars from 2006 to 2009. “We have achieved four cost-saving plans in 2009 and this year we will further reduce costs. In the next three years, we will save another US$1 billion.†said Zigen, “Aside from outside economic factors that are beyond our control, Goodyear 2009 The performance is commendable and lays a solid foundation for the future."
Asia Pacific Operating Income Reaches Record High
Driven by positive foreign currency translation and an increase in total tire sales, Asia Pacific sales in the fourth quarter increased by 28% from the previous year to US$486 million; operating income reached US$70 million, an increase of US$53 million over the previous year, setting a new quarterly high.
“We are pleased to see that Goodyear’s Asia Pacific region’s operating revenue hit a record high in both the fourth quarter and the full year of 2009,†said Pierre Corvard, president of Goodyear Asia Pacific, “Although there are various Determining the factors and challenges, Goodyear still maintains its advantages in Asia; we are advancing the pace of growth in this region, and China is the starting point."
“Our performance in the previous quarter has been appreciated and recognized by more supporting market partners. Through continuous innovation, we not only molded Goodyear as a highly competitive brand, but also greatly strengthened the relationship between consumers and customers. I would like to thank all of our hard-working colleagues and respected customers for this purpose!†Coward added.
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