Goodyear Tire & Rubber Co. (GT) reported that its fourth-quarter net income available to common shareholders was $18 million or $0.07 per share, compared to a net loss of $177 million or $0.73 per share in the 2010 fourth quarter.
Goodyear's fourth quarter 2011 sales were $5.7 billion, up 12 percent from a year ago. Fourth quarter sales reflect strong price/mix performance, which drove revenue per tire up 19 percent year-over-year, excluding the impact of foreign currency translation.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share on revenues of $5.88 billion for the quarter. Analysts' estimates typically exclude special items.
The company expects that its full-year tire unit volume for 2012 will be essentially flat with 2011.
For the full year of 2012 in North America, Goodyear expects the consumer replacement market to be flat to down 2 percent, consumer original equipment flat to up 3 percent, commercial replacement up between 2 percent and 6 percent and commercial original equipment up between 10 percent and 15 percent.
For the full year in Europe, the consumer replacement industry is expected to be flat to down 2 percent, consumer original equipment down between 5 percent and 9 percent, commercial replacement down between 3 percent and 8 percent and commercial original equipment down between 20 percent and 25 percent.
Goodyear anticipates its raw material costs for the first quarter of 2012 will increase between 20 percent and 25 percent over the prior year. Smaller increases are expected for the second quarter of 2012 compared with the year-ago quarter.
For the second half of 2012, the company expects raw material costs to decrease compared with the second half of 2011. For the full year of 2012, Goodyear expects its raw material costs will increase approximately 5 percent compared with 2011.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.