Goodyear predicts that tire sales will fall slightly throughout the year

Recently, a number of tire companies released their first-quarter financial reports. Among them, Goodyear Tire & Rubber Company had sales of US$5.5 billion in the first quarter, a record high. Excluding exchange rate effects, Goodyear’s single-quarter profit in the first quarter of 2012 increased by 16% year-on-year. However, affected by the continuing weak industrial environment in many markets around the world, the sales of Goodyear tires totaled 43 million during the quarter, a year-on-year decrease of 8%. However, the sales volume increased by 2% year-on-year. It is expected that the annual tire sales will be comparable to 2011. A slight drop of about 2% occurred.

Hankook Tire's global sales amounted to 1.71 trillion won (approximately US$1.512 billion) in the first quarter, a year-on-year increase of 17.1%. In the first quarter, operating profit increased by 71.1% year-on-year to reach 235.3 billion won. Cooper Tire & Rubber Company's net sales for the first quarter were 984 million U.S. dollars, an increase of 9% year-on-year. The operating profit for the first quarter was 48 million U.S. dollars, an increase of 16 million U.S. dollars over the same period in 2011. “In the past three years, Cooper has achieved 11 consecutive quarters of profit. This proves the flexibility of our business model.” Yan Wenshan, chairman and president of Cooper Tire Global, said.

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