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November 8, 2021

Goodyear Q3 sales and profits up

Merger with Cooper Tire pays off.

By Graeme Roberts

Goodyear Tire & Rubber third quarter 2021 sales were US$4.9bn, up 42% year on year.

The increase was driven by the Cooper Tire merger, improvements in price/mix, increased sales from other tyre-related businesses and higher volume.

Tyre unit volume was 48.2m, up 32%. Replacement tyre unit volume increased 44%, reflecting the addition of Cooper Tire unit volume, continuing industry recovery and market share gains.

But original equipment unit volume decreased 7%, reflecting lower vehicle production, which continued to be affected by shortages of components and materials.

Q3 2021 net income was $132m (46 cents per share) compared to a net loss of $2m (1 cent per share) a year ago.

Adjusted net income was $206m (72 cents per share) compared to $24m (10 cents per share).

Operating income of $372m was up $210m from a year ago.

Sales for the first nine months of 2021 were $12.4bn, up 43%.

Net income was $211m compared to a $1.3bn loss YTD 2020.

“We continued to capitalise on favorable industry trends in our key replacement markets,” said Richard Kramer, chairman, CEO and president. “Overall consumer replacement demand remains robust, and our business continues to have momentum.”

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