Nov 09, 2021
Goodyear Tire & Rubber has released its financial results for the third quarter of 2021.
Goodyear's sales in the third quarter of 2021 were up 42% year-on-year to $ 4.9 billion. The growth was driven by Goodyear's merger with the acquired tire manufacturer Cooper Tire, improved pricing and range, and increased sales.
Tire production totaled 48.2 million units, up 32% from last year. Replacement tire production increased 44% as Cooper Tire increased production, continued industry recovery and increased market share. OE tire production declined by 7%, driven by a decline in vehicle production amid a continuing shortage of components and materials.
Goodyear had a net income of $ 132 million in the third quarter of 2021, which is in stark contrast to a net loss of $ 2 million in the third quarter of 2020. Adjusted net income in the third quarter of 2021 was $ 206 million, which is also well above the $ 24 million last year.
Goodyear's operating income in the third quarter of 2021 was $ 372 million.
In the Americas, Goodyear's sales are up 63% year-over-year to $ 3 billion, thanks in large part to the purchase of Cooper Tire. In Europe, the Middle East and Africa, sales rose 21% to $ 1.4 billion and in the Asia-Pacific region - 17% to $ 570 million.
“We continued to capitalize on favorable industry trends in our key markets,” commented Richard Kramer, Chairman, CEO and President of Goodyear. - In general, the demand for consumer-grade tires in the replacement market remains high. In addition, amid growing freight traffic, we have also seen strong demand from our largest commercial customers and, as a result, have been successful in the commercial tire segment. ”