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Goodyear Tyre News – The Akron, Ohio-based global tyre manufacturer, Goodyear Tire & Rubber Company has reported its financial statement for the first quarter of 2017. Due to the price hike and low demand, Goodyear Tyres have reported a slight dip in their net income in Q1, 2017 compared to the same period last year. The company’s operating income and net income fell by over 8 and 9 percent respectively. Goodyear’s first quarter net income in 2017 stands at $166 million compared to $184 million last year. While its sales stand at $3.7 billion.
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Richard J. Kramer, Chairman, President and Chief Executive Officer of The Goodyear Tire & Rubber Company said, that the company is fully confident to offset raw material cost over time. He also told that an important reason for the slowdown in the first quarter is the planned exit of some of the smaller rim size tires. The official also added that demand was lower than expected in the replacement market. However, the company is hopeful that in the rest of 2017 it will fare better in the replacement tyre sector.
The company announced a price hike in February 2017 and it saw a decline in the volume of sales. The hike was in response to the global rise in the raw material costs.
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