Trends in the global tyre industry play to the strengths of The Goodyear Tire & Rubber Company and its strategy to drive profitable growth.

“The accelerating shift to high-value-added tyres for both consumer vehicles and commercial trucks is the main product trend shaping the future of the tyre industry,” chairman, chief executive officer and president Richard Kramer said at the company’s annual shareholder meeting.

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Goodyear’s fourth quarter 2016 sales, announced in February, were US$3.7bn, down from $4.1bn a year ago, with the decrease driven by the deconsolidation of the company’s subsidiary in Venezuela.

Tyre unit volumes totalled 41.1m, down 2% from 2015. Replacement tyre shipments were down 1%. Original equipment unit volume was down 7%, driven in part due to weakness in the US commercial truck market.

Goodyear’s fourth quarter 2016 net income was $561m ($2.14 per share), compared to a net loss of $380m ($1.42 per share) a year ago. The prior year was negatively impacted by a charge to deconsolidate Venezuela. Fourth quarter 2016 adjusted net income was $249m (95 cents per share), compared to $257m (93 cents per share) in 2015.

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The company reported fourth quarter segment operating income of $479m in 2016, compared to $480m a year ago. Segment operating income in 2016 benefited from net cost savings, which was more than offset by lower price/mix net of raw material costs, lower volume and the deconsolidation of Venezuela. Core segment operating income, which excludes Venezuela, was $458m in a year ago.

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Full year

Goodyear’s 2016 sales were $15.2bn, down 8% from 2015, primarily reflecting the deconsolidation of Venezuela and unfavourable foreign currency translation.

Tyre unit volumes totalled 166.1m, essentially unchanged from 2015. Replacement tyre shipments were up 2%. Original equipment unit volume was down 4%. Excluding the impact of the deconsolidation of Venezuela, unit volumes increased 1%.

Goodyear’s 2016 net income of $1.3bn ($4.74 per share) was up from $307m ($1.12 per share) in 2015. The increase was driven by a charge in 2015 to deconsolidate Venezuela and a decrease in 2016 income tax expense. Full-year adjusted net income was $1.1bn ($4.00 per share), up from $906m ($3.32 per share) in 2015/

The company reported 2016 segment operating income of $2.0bn, down 2% from a year ago. The decrease was more than explained by the deconsolidation of Venezuela. Core segment operating income, which excludes Venezuela, was $1.9bn in 2015.