Goodyear’s Earnings Are Highest in Seven Years

October 27, 2005 10:45 AM, EDT

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oodyear Tire & Rubber Co. said Thursday its third-quarter earnings were its highest in seven years, rising to $142 million or 70 cents a share, from $38 million or 20 cents a year earlier.

The gains were driven by sales of $5 billion, a quarterly record, up 7% over the same period last year, Goodyear said in a statement.

The company said the earnings included after-tax charges of $10 million, or 5 cents a share, related to Hurricanes Katrina and Rita, which it said it early October had disrupted some of its raw materials supplies. (Click here for previous coverage.)

North American tire sales reached a record for any quarter, rising 5% over last year to $2.4 billion, though units sold held at 26.6 million.

The No. 1 North American tire maker raised its prices in February and again in May. (Click here for previous coverage.)

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