Goodyear has posted fourth-quarter net income of US$63m, while revenue per tyre rose 3%.

“We delivered strong performance to end a challenging year,” said Goodyear chairman, CEO and president, Richard Kramer.

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“With a determination to win with our products in the marketplace and a relentless focus on cost and cash, we finished the year on a high note.

“We have good momentum as we enter 2021. Our commercial business continues to outperform the industry, our consumer replacement business is strengthening and we are beginning to see the benefits of our robust consumer OE pipeline. I am confident we are positioned to capitalise on stronger industry fundamentals in 2021.”

Goodyear’s fourth quarter 2020 sales were US$3.7bn, down 2% from a year ago. The decline was driven by lower volume and unfavourable foreign currency translation. These factors were partially offset by improvements in price/mix.

Tyre unit volumes totalled 37.7m, down 5% from the prior year period. Industry demand during the quarter was affected by the continued economic disruption resulting from the COVID-19 pandemic.

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Replacement tyre shipments declined 7%, reflecting the impact of lower consumer demand and actions taken to align European distribution. Original equipment unit volume increased 3%, reflecting increased market share in the Americas and EMEA.

Goodyear’s fourth quarter 2020 net income was US$63m compared to a net loss of US$392m a year ago. Fourth quarter 2020 adjusted net income was US$103m compared to adjusted net income of US$45m in 2019.