Akron-based Goodyear lost a little tread during the third quarter. Revenue fell 13% and net income is down about $50 million, or 19 cents per share, from a year ago.
"With channel inventories remaining low and U.S.. miles driven being up in seven of the past nine reported months, we continue to see significant upside in our business as volume returns," said Goodyear Chairman and CEO Rich Kramer.
Kramer says North American profits are up, despite lower sales, but the company is taking a hit in other markets, particularly in Europe. The instability of the European economy combined with some high dealer inventories of winter tires that remain on the shelves due to the mild winter are among the problems.
Overall, Kramer is optimistic.
"Industry volumes clearly have slowed versus the projections of many experts," said Kramer. "We are responding to this near-term slowdown, but remain steadfast in our belief that the long term projections remain intact."
He says the company was still able to achieve a goal of $450 million of segment operating income a year early.
CLICK HERE for Goodyear's press release