Goodyear reports growth in financial performance in the third quarter of the year

Nov 09, 2021

Goodyear reports growth in financial performance in the third quarter of the year

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. ”


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