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August 3, 2020

Goodyear records Q2 net loss of US$696m

Goodyear has posted a second-quarter 2020 net loss of US$696m compared to net income of $54m a year ago.

By Rhodri Morgan

Goodyear has posted a second-quarter 2020 net loss of US$696m compared to net income of $54m a year ago.

“Although our first-half results were greatly affected by difficult industry conditions as a result of the ongoing COVID-19 pandemic, the decisive actions we took to safeguard our business helped mitigate the impact on our results,” said Goodyear chairman, CEO and president, Richard Kramer.

“While we are encouraged to see industry demand gradually recovering in most major markets, our plans for the second half consider the challenges and uncertainties that remain. We continue to focus on the well-being of our associates, servicing our customers and supporting our brands while appropriately managing our costs and working capital.

“We are also committed to supporting the strong growth we are seeing in our e-commerce and mobile installation businesses. These investments in distribution will strengthen our leadership position and support our long-term growth prospects as consumer buying behaviour continues to evolve within the tyre industry.”

Goodyear’s second quarter 2020 sales were US$2.1bn, down 41% from a year ago.

The decline was driven by lower industry volume and reduced sales from other tyre-related businesses. These factors were partially offset by improvements in price/mix.

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