Goodyear has posted fourth-quarter adjusted net income of US$162m compared to US$103m in the same period in the previous year.
“We achieved our highest fourth-quarter revenue in nearly ten years as demand for our products remained strong and we captured higher selling prices,” said Goodyear chairman, CEO and president, Richard Kramer.
“With the addition of Cooper Tire, our merger-adjusted segment operating income was significantly above last year and over 60% higher than fourth quarter 2019.”
“Looking ahead, we expect inflationary pressures to persist over the next several quarters. We remain focused on executing strategies to capture value in the marketplace and managing our costs.
“We are pleased with the pace of our integration of Cooper Tire and we continue to make solid progress toward the increased synergy targets we shared in November. I am confident we have positioned our business to deliver strong sales and earnings growth over the long-term.”
Goodyear’s fourth-quarter 2021 sales were US$5.1bn, up 38% from a year ago. The increase was driven by the Cooper Tire merger, improvements in price/mix, increased sales from other tyre-related businesses and higher volume.
Goodyear’s 2021 net sales were US$17.5bn, a 42% increase from the 2020 period, primarily due to the Cooper Tire merger, higher volume, improvements in price/mix and increased sales from other tyre-related businesses.
Goodyear’s 2021 net income was US$$764m, compared to a net loss of US$1.3bn in the prior year period.