Goodyear’s second quarter 2024 sales were US$4.6bn with tyre unit volume of 40.1m.
Net income was $85m (30 cents per share) compared to a net loss of $208m (73 cents per share loss) a year ago. The year over year improvement was driven by increases in segment operating income.
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Q2 2024 included several significant items including, on a pre-tax basis, a benefit of $96m from asset and other sales, Goodyear Forward costs of $40m and rationalisation charges of $19m.
Adjusted net income was $54m compared to an adjusted net loss of $97m in Q2 2023. Adjusted earnings per share was $0.19, compared to a loss of $0.34.
Segment operating income was $339m in the second quarter of 2024, up $215m. The increase reflected benefits of $99m from price/mix versus raw materials, $90m from the Goodyear Forward transformation plan, $63m from insurance claim recoveries, net of related expenses, and $50m from the 2023 negative impact of the Tupelo storm. These were partly offset by the impact of lower tyre volume of $41m and unfavourable fixed overhead absorption of $35m.
First half
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By GlobalDataGoodyear’s sales for the first six months of 2024 were $9.1bn with tyre unit volume of 80.5m. Net income was $28m (10 cents per share) compared to a net loss of $309m ($1.08 per share loss) a year ago, the improvement also driven by increases in segment operating income.
The first half of 2024 also included several significant items including, on a pre-tax basis, Goodyear Forward costs of $67m, rationalisation charges of $41m and a benefit of $86m from asset and other sales.
Adjusted net income was $83m versus an adjusted net loss of $179m. Adjusted earnings per share was $0.29, compared to a loss of $0.63.
Segment operating income of $586m was up $337m due to $227m from price/mix versus raw materials, $162m from the transformation plan, $52m from insurance claim recoveries, net of related expenses, and $50m from the 2023 negative impact of the Tupelo storm.
These were partially offset by lower tyre volume of $69m, a net headwind of $58m from higher inflationary costs and unfavourable fixed overhead absorption of $33m.
