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July 26, 2019

Goodyear Q2 net income falls 65% to US$54m

Goodyear has posted second-quarter net income down 65% to US$54m down from $157 million a year ago.

By Rhodri Morgan

Goodyear has posted second-quarter net income down 65% to US$54m down from $157m a year ago.

“Our US consumer replacement and commercial businesses continued to perform well in a challenging environment, aided by recent product launches,” said Goodyear chairman, CEO and president, Richard Kramer.

“We have continued our focus on strengthening our business by investing in premium supply and enhancing our OE pipeline and cost competitiveness. I am encouraged several of the external factors that have impacted our business in recent quarters are beginning to moderate, positioning us to deliver stronger results.”

Goodyear’s second quarter sales were US$3.6bn, down 5% from a year ago, driven by unfavourable currency translation, lower volume, and reduced sales from other tyre-related businesses. These effects were partially offset by improvements in price/mix.

Year-to-Date Results:

Goodyear’s sales for the first six months of 2019 were US$7.2bn, a 6% decline.

Tyre unit volumes totalled 75.4m, down 3% from 2018. Replacement tyre shipments decreased less than 1% from the prior year’s period. Original equipment volume declined 9%, driven by weaker consumer OE industry demand, reflecting lower global vehicle production, and strategic fitment choices.

Goodyear’s net loss was US$7m for the first six months of 2019, compared to net income of $232m in the prior year period.

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