Goodyear’s second quarter 2024 sales were US$4.6bn with tyre unit volume of 40.1m.
Net income was $85m (30 cents per share) compared to a net loss of $208m (73 cents per share loss) a year ago. The year over year improvement was driven by increases in segment operating income.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Q2 2024 included several significant items including, on a pre-tax basis, a benefit of $96m from asset and other sales, Goodyear Forward costs of $40m and rationalisation charges of $19m.
Adjusted net income was $54m compared to an adjusted net loss of $97m in Q2 2023. Adjusted earnings per share was $0.19, compared to a loss of $0.34.
Segment operating income was $339m in the second quarter of 2024, up $215m. The increase reflected benefits of $99m from price/mix versus raw materials, $90m from the Goodyear Forward transformation plan, $63m from insurance claim recoveries, net of related expenses, and $50m from the 2023 negative impact of the Tupelo storm. These were partly offset by the impact of lower tyre volume of $41m and unfavourable fixed overhead absorption of $35m.
First half
Goodyear’s sales for the first six months of 2024 were $9.1bn with tyre unit volume of 80.5m. Net income was $28m (10 cents per share) compared to a net loss of $309m ($1.08 per share loss) a year ago, the improvement also driven by increases in segment operating income.
The first half of 2024 also included several significant items including, on a pre-tax basis, Goodyear Forward costs of $67m, rationalisation charges of $41m and a benefit of $86m from asset and other sales.
Adjusted net income was $83m versus an adjusted net loss of $179m. Adjusted earnings per share was $0.29, compared to a loss of $0.63.
Segment operating income of $586m was up $337m due to $227m from price/mix versus raw materials, $162m from the transformation plan, $52m from insurance claim recoveries, net of related expenses, and $50m from the 2023 negative impact of the Tupelo storm.
These were partially offset by lower tyre volume of $69m, a net headwind of $58m from higher inflationary costs and unfavourable fixed overhead absorption of $33m.
