Goodyear Announces Q3 2024 Results, Increases Goodyear Forward Targets
Third quarter
Segment operating income of
Fourth consecutive quarter of SOI margin expansion; TTM up ~300 bps YoY
Goodyear Forward targets increased, portfolio optimization in progress
"As a result of the consistent and strong execution of our Goodyear Forward transformation plan, we successfully achieved four consecutive quarters of segment operating margin expansion. These tangible results are not only a testament to the talent of our team, but also to the strong foundation of
"This increase will enable us to realize significant year-over-year earnings benefits in both 2024 and 2025 from the program," continued Stewart. "We have raised our guidance for 2024 Goodyear Forward gross benefits to
The Goodyear Forward transformation plan was announced in
Third quarter 2024 adjusted net income was
The company reported segment operating income of
Additional earnings materials can be found on
Year-to-Date Results
First nine months 2024 adjusted net income was
The company reported segment operating income of
First nine months 2024 total cash flows from operating activities was a use of
Reconciliation of Non-GAAP Financial Measures
See "Non-GAAP Financial Measures" and "Financial Tables" for further explanation and reconciliation tables for historical Total Segment Operating Income and Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2024 and 2023 periods.
Business Segment Results
AMERICAS
|
Third Quarter |
|
Nine Months |
||||
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Tire Units |
21.0 |
|
22.9 |
|
59.6 |
|
64.2 |
|
|
|
|
|
|
|
|
Segment Operating Income |
251 |
|
258 |
|
671 |
|
440 |
Segment Operating Margin |
8.8 % |
|
8.3 % |
|
8.2 % |
|
4.9 % |
Third quarter 2024 segment operating income of
EMEA
|
Third Quarter |
|
Nine Months |
||||
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Tire Units |
12.2 |
|
12.5 |
|
36.3 |
|
37.5 |
|
|
|
|
|
|
|
|
Segment Operating Income |
24 |
|
22 |
|
67 |
|
11 |
Segment Operating Margin |
1.8 % |
|
1.6 % |
|
1.7 % |
|
0.3 % |
EMEA's third quarter 2024 sales of
Third quarter 2024 segment operating income of
|
Third Quarter |
|
Nine Months |
||||
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Tire Units |
9.3 |
|
9.9 |
|
27.1 |
|
26.2 |
|
|
|
|
|
|
|
|
Segment Operating Income |
72 |
|
56 |
|
195 |
|
134 |
Segment Operating Margin |
11.7 % |
|
8.6 % |
|
10.7 % |
|
7.4 % |
Third quarter 2024 segment operating income of
Conference Call
The Company will host an investor call on
Participating in the conference call will be
The investor call can be accessed on the website or via telephone by calling either (800) 343-4849 or (203) 518-9848 before
About
Forward-Looking Statements
Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully the Goodyear Forward plan and our other strategic initiatives, including the sale of our off-the-road tire business; risks relating to the ability to consummate the sale of our off-the-road tire business on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy other conditions to closing; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; a prolonged economic downturn or period of economic uncertainty; deteriorating economic conditions or an inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; financial difficulties, work stoppages, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; changes in tariffs, trade agreements or trade restrictions; foreign currency translation and transaction risks; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the
Non-GAAP Financial Measures (unaudited)
This news release presents non-GAAP financial measures, including Total Segment Operating Income and Margin, Adjusted Net Income (Loss), and Adjusted Diluted Earnings Per Share (EPS), which are important financial measures for the company but are not financial measures defined by
Total Segment Operating Income is the sum of the individual strategic business units' (SBUs') Segment Operating Income as determined in accordance with
Adjusted Net Income (Loss) is Goodyear Net Income (Loss) as determined in accordance with
It should be noted that other companies may calculate similarly-titled non-GAAP financial measures differently and, as a result, the measures presented herein may not be comparable to such similarly-titled measures reported by other companies. See the following tables for reconciliations of historical Total Segment Operating Income and Margin, Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share to the most directly comparable
Financial Tables (Unaudited) Table 1: Consolidated Statement of Operations |
|
|||||||
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
||||
|
|
|
|
|
||||
(In millions, except per share amounts) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
$ 4,824 |
|
$ 5,142 |
|
$ 13,931 |
|
$ 14,950 |
|
Cost of Goods Sold |
3,881 |
|
4,171 |
|
11,218 |
|
12,487 |
|
Selling, Administrative and General Expense |
663 |
|
673 |
|
2,090 |
|
2,045 |
|
Intangible Asset Impairments |
125 |
|
— |
|
125 |
|
— |
|
Rationalizations |
11 |
|
198 |
|
52 |
|
302 |
|
Interest Expense |
135 |
|
138 |
|
391 |
|
403 |
|
Other (Income) Expense |
34 |
|
21 |
|
(8) |
|
82 |
|
Income (Loss) before Income Taxes |
(25) |
|
(59) |
|
63 |
|
(369) |
|
|
9 |
|
25 |
|
75 |
|
22 |
|
Net Income (Loss) |
(34) |
|
(84) |
|
(12) |
|
(391) |
|
Less: Minority Shareholders' Net Income (Loss) |
— |
|
5 |
|
(6) |
|
7 |
|
Goodyear Net Income (Loss) |
$ (34) |
|
$ (89) |
|
$ (6) |
|
$ (398) |
|
Goodyear Net Income (Loss) — Per Share of Common Stock |
|
|
|
|
|
|
|
|
Basic |
$ (0.12) |
|
$ (0.31) |
|
$ (0.02) |
|
$ (1.40) |
|
Weighted Average Shares Outstanding |
287 |
|
285 |
|
286 |
|
285 |
|
Diluted |
$ (0.12) |
|
$ (0.31) |
|
$ (0.02) |
|
$ (1.40) |
|
Weighted Average Shares Outstanding |
287 |
|
285 |
|
286 |
|
285 |
|
|
|
|
|
|
|
|
|
|
Table 2: Consolidated Balance Sheets |
|||
|
|
|
|
|
|
|
|
(In millions, except share data) |
2024 |
|
2023 |
Assets: |
|
|
|
Current Assets: |
|
|
|
Cash and Cash Equivalents |
$ 905 |
|
$ 902 |
Accounts Receivable, less Allowance — |
3,380 |
|
2,731 |
Inventories: |
|
|
|
Raw Materials |
796 |
|
785 |
Work in Process |
212 |
|
206 |
Finished Products |
2,804 |
|
2,707 |
|
3,812 |
|
3,698 |
Assets Held for Sale |
495 |
|
— |
Prepaid Expenses and Other Current Assets |
309 |
|
319 |
Total Current Assets |
8,901 |
|
7,650 |
|
759 |
|
781 |
Intangible Assets |
814 |
|
969 |
Deferred Income Taxes |
1,662 |
|
1,630 |
Other Assets |
1,147 |
|
1,075 |
Operating Lease Right-of-Use Assets |
981 |
|
985 |
Property, Plant and Equipment, less Accumulated Depreciation — |
8,285 |
|
8,492 |
Total Assets |
$ 22,549 |
|
$ 21,582 |
|
|
|
|
Liabilities: |
|
|
|
Current Liabilities: |
|
|
|
Accounts Payable — Trade |
$ 4,050 |
|
$ 4,326 |
Compensation and Benefits |
685 |
|
663 |
Other Current Liabilities |
1,261 |
|
1,165 |
Notes Payable and Overdrafts |
587 |
|
344 |
Operating Lease Liabilities due Within One Year |
202 |
|
200 |
Long Term Debt and Finance Leases due Within One Year |
1,013 |
|
449 |
Total Current Liabilities |
7,798 |
|
7,147 |
Operating Lease Liabilities |
829 |
|
825 |
Long Term Debt and Finance Leases |
7,428 |
|
6,831 |
Compensation and Benefits |
877 |
|
974 |
Deferred Income Taxes |
103 |
|
83 |
Other Long Term Liabilities |
610 |
|
885 |
Total Liabilities |
17,645 |
|
16,745 |
Commitments and Contingent Liabilities |
|
|
|
Shareholders' Equity: |
|
|
|
Goodyear Shareholders' Equity: |
|
|
|
Common Stock, no par value: |
|
|
|
Authorized, 450 million shares, Outstanding shares — 285 million in 2024 (284 million in 2023) |
285 |
|
284 |
Capital Surplus |
3,152 |
|
3,133 |
Retained Earnings |
5,080 |
|
5,086 |
Accumulated Other Comprehensive Loss |
(3,772) |
|
(3,835) |
Goodyear Shareholders' Equity |
4,745 |
|
4,668 |
Minority Shareholders' Equity — Nonredeemable |
159 |
|
169 |
Total Shareholders' Equity |
4,904 |
|
4,837 |
Total Liabilities and Shareholders' Equity |
$ 22,549 |
|
$ 21,582 |
|
|
|
|
Table 3: Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
Nine Months Ended |
||
|
|
||
(In millions) |
2024 |
|
2023 |
Cash Flows from Operating Activities: |
|
|
|
Net Income (Loss) |
$ (12) |
|
$ (391) |
Adjustments to Reconcile Net Income (Loss) to Cash Flows from Operating Activities: |
|
|
|
Depreciation and Amortization |
800 |
|
751 |
Amortization and Write-Off of Debt Issuance Costs |
10 |
|
11 |
Intangible Asset Impairment |
125 |
|
— |
Provision for Deferred Income Taxes |
(37) |
|
(138) |
Net Pension Curtailments and Settlements |
(5) |
|
40 |
Net Rationalization Charges |
52 |
|
302 |
Rationalization Payments |
(149) |
|
(72) |
Net (Gains) Losses on Asset Sales |
(95) |
|
(68) |
Gain on Insurance Recoveries for Damaged Property, Plant and Equipment |
(61) |
|
— |
Operating Lease Expense |
249 |
|
224 |
Operating Lease Payments |
(211) |
|
(207) |
Pension Contributions and Direct Payments |
(45) |
|
(54) |
Changes in Operating Assets and Liabilities, Net of Asset Acquisitions and Dispositions: |
|
|
|
Accounts Receivable |
(658) |
|
(816) |
Inventories |
(259) |
|
590 |
Accounts Payable — Trade |
(207) |
|
(585) |
Compensation and Benefits |
39 |
|
45 |
Other Current Liabilities |
(58) |
|
222 |
Other Assets and Liabilities |
(69) |
|
(58) |
Total Cash Flows from Operating Activities |
(591) |
|
(204) |
Cash Flows from Investing Activities: |
|
|
|
Capital Expenditures |
(912) |
|
(807) |
Insurance Recoveries for Damaged Property, Plant and Equipment |
48 |
|
— |
Cash Proceeds from Sale and Leaseback Transactions |
16 |
|
73 |
Asset Dispositions |
110 |
|
3 |
Short Term Securities Acquired |
— |
|
(96) |
Short Term Securities Redeemed |
2 |
|
88 |
Long Term Securities Acquired |
— |
|
(11) |
Long Term Securities Redeemed |
4 |
|
6 |
Notes Receivable |
(28) |
|
(61) |
Other Transactions |
1 |
|
(13) |
Total Cash Flows from Investing Activities |
(759) |
|
(818) |
Cash Flows from Financing Activities: |
|
|
|
Short Term Debt and Overdrafts Incurred |
1,034 |
|
793 |
Short Term Debt and Overdrafts Paid |
(803) |
|
(863) |
Long Term Debt Incurred |
10,315 |
|
7,321 |
Long Term Debt Paid |
(9,180) |
|
(6,464) |
Common Stock Issued |
(3) |
|
(2) |
Transactions with Minority Interests in Subsidiaries |
(2) |
|
(4) |
Debt Related Costs and Other Transactions |
(46) |
|
(7) |
Total Cash Flows from Financing Activities |
1,315 |
|
774 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash |
(10) |
|
(5) |
Net Change in Cash, Cash Equivalents and Restricted Cash |
(45) |
|
(253) |
Cash, Cash Equivalents and Restricted Cash at Beginning of the Period |
985 |
|
1,311 |
Cash, Cash Equivalents and Restricted Cash at End of the Period |
$ 940 |
|
$ 1,058 |
|
|
|
|
Table 4: Reconciliation of Segment Operating Income & Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
|
|
||||
(In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
Total Segment Operating Income |
$ 347 |
|
$ 336 |
|
$ 933 |
|
$ 585 |
Less: |
|
|
|
|
|
|
|
Intangible Asset Impairment |
125 |
|
— |
|
125 |
|
— |
Rationalizations |
11 |
|
198 |
|
52 |
|
302 |
Interest Expense |
135 |
|
138 |
|
391 |
|
403 |
Other (Income) Expense |
34 |
|
21 |
|
(8) |
|
82 |
Asset Write-Offs, Accelerated Depreciation, and Accelerated Lease Costs, Net |
25 |
|
8 |
|
119 |
|
21 |
Corporate Incentive Compensation Plans |
14 |
|
2 |
|
50 |
|
43 |
Retained Expenses of Divested Operations |
3 |
|
2 |
|
11 |
|
10 |
Other |
25 |
|
26 |
|
130 |
|
93 |
Income (Loss) before Income Taxes |
$ (25) |
|
$ (59) |
|
$ 63 |
|
$ (369) |
|
9 |
|
25 |
|
75 |
|
22 |
Less: Minority Shareholders' Net Income (Loss) |
— |
|
5 |
|
(6) |
|
7 |
Goodyear Net Income (Loss) |
$ (34) |
|
$ (89) |
|
$ (6) |
|
$ (398) |
|
|
|
|
|
|
|
|
|
$ 4,824 |
|
$ 5,142 |
|
$ 13,931 |
|
$ 14,950 |
Return on |
-0.7 % |
|
-1.7 % |
|
0.0 % |
|
-2.7 % |
Total Segment Operating Margin |
7.2 % |
|
6.5 % |
|
6.7 % |
|
3.9 % |
|
|
|
|
|
|
|
|
Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share |
|||||||||||||||
Third Quarter 2024 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except |
As |
|
Intangible Asset |
|
Rationalizations, Asset |
|
|
|
Indirect Tax Settlements |
|
Debica Fire Impact and |
|
Americas Storm |
|
As |
|
$ 4,824 |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ 4,824 |
Cost of Goods Sold |
3,881 |
|
- |
|
(19) |
|
- |
|
- |
|
(3) |
|
20 |
|
3,879 |
Gross Margin |
943 |
|
- |
|
19 |
|
- |
|
- |
|
3 |
|
(20) |
|
945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAG |
663 |
|
- |
|
(6) |
|
(14) |
|
- |
|
- |
|
- |
|
643 |
Intangible Asset Impairment |
125 |
|
(125) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Rationalizations |
11 |
|
- |
|
(11) |
|
- |
|
- |
|
- |
|
- |
|
- |
Interest Expense |
135 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
135 |
Other (Income) Expense |
34 |
|
- |
|
- |
|
(11) |
|
- |
|
- |
|
- |
|
23 |
Pre-tax Income (Loss) |
(25) |
|
125 |
|
36 |
|
25 |
|
- |
|
3 |
|
(20) |
|
144 |
Taxes |
9 |
|
31 |
|
3 |
|
6 |
|
(7) |
|
1 |
|
(5) |
|
38 |
Minority Interest |
- |
|
- |
|
1 |
|
- |
|
- |
|
- |
|
- |
|
1 |
Goodyear Net Income (Loss) |
$ (34) |
|
$ 94 |
|
$ 32 |
|
$ 19 |
|
$ 7 |
|
$ 2 |
|
$ (15) |
|
$ 105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
$ (0.12) |
|
$ 0.33 |
|
$ 0.11 |
|
$ 0.07 |
|
$ 0.02 |
|
$ 0.01 |
|
$ (0.05) |
|
$ 0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2023 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
(In millions, except |
As |
|
Rationalizations, Asset |
|
Debica Fire |
|
Tupelo Storm |
|
Pension Settlement |
|
Other Legal |
|
Asset and |
|
Indirect Tax Settlements |
|
As |
|
$ 5,142 |
|
$ - |
|
$ 11 |
|
$ 33 |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ 5,186 |
Cost of Goods Sold |
4,171 |
|
(8) |
|
(3) |
|
28 |
|
- |
|
- |
|
- |
|
- |
|
4,188 |
Gross Margin |
971 |
|
8 |
|
14 |
|
5 |
|
- |
|
- |
|
- |
|
- |
|
998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAG |
673 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
673 |
Rationalizations |
198 |
|
(198) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Interest Expense |
138 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
138 |
Other (Income) Expense |
21 |
|
- |
|
- |
|
- |
|
(4) |
|
(4) |
|
6 |
|
- |
|
19 |
Pre-tax Income (Loss) |
(59) |
|
206 |
|
14 |
|
5 |
|
4 |
|
4 |
|
(6) |
|
- |
|
168 |
Taxes |
25 |
|
22 |
|
1 |
|
1 |
|
1 |
|
1 |
|
(2) |
|
8 |
|
57 |
Minority Interest |
5 |
|
- |
|
1 |
|
- |
|
1 |
|
- |
|
- |
|
- |
|
7 |
Goodyear Net Income (Loss) |
$ (89) |
|
$ 184 |
|
$ 12 |
|
$ 4 |
|
$ 2 |
|
$ 3 |
|
$ (4) |
|
$ (8) |
|
$ 104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
$ (0.31) |
|
$ 0.64 |
|
$ 0.04 |
|
$ 0.01 |
|
$ 0.01 |
|
$ 0.01 |
|
$ (0.01) |
|
$ (0.03) |
|
$ 0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (continued) |
|||||||||||||||||||||
First Nine Months 2024 |
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|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except |
As |
|
Rationalizations, Asset |
|
Intangible Asset Impairment |
|
Goodyear Forward Costs |
|
South Africa Flood Impact |
|
Pension Settlement |
|
Indirect Tax Settlements |
|
Debica Fire Impact |
|
Americas Storm |
|
Asset and |
|
As |
|
$ 13,931 |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ 13,931 |
Cost of Goods Sold |
11,218 |
|
(95) |
|
- |
|
- |
|
(3) |
|
- |
|
8 |
|
26 |
|
39 |
|
- |
|
11,193 |
Gross Margin |
2,713 |
|
95 |
|
- |
|
- |
|
3 |
|
- |
|
(8) |
|
(26) |
|
(39) |
|
- |
|
2,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAG |
2,090 |
|
(24) |
|
- |
|
(81) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1,985 |
Intangible Asset Impairment |
125 |
|
- |
|
(125) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Rationalizations |
52 |
|
(52) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Interest Expense |
391 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
391 |
Other (Income) Expense |
(8) |
|
- |
|
- |
|
(11) |
|
- |
|
5 |
|
2 |
|
- |
|
- |
|
87 |
|
75 |
Pre-tax Income (Loss) |
63 |
|
171 |
|
125 |
|
92 |
|
3 |
|
(5) |
|
(10) |
|
(26) |
|
(39) |
|
(87) |
|
287 |
Taxes |
75 |
|
15 |
|
31 |
|
22 |
|
- |
|
(1) |
|
(9) |
|
(6) |
|
(9) |
|
(26) |
|
92 |
Minority Interest |
(6) |
|
15 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
(3) |
|
- |
|
- |
|
6 |
Goodyear Net Income (Loss) |
$ (6) |
|
$ 141 |
|
$ 94 |
|
$ 70 |
|
$ 3 |
|
$ (4) |
|
$ (1) |
|
$ (17) |
|
$ (30) |
|
$ (61) |
|
$ 189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
$ (0.02) |
|
$ 0.49 |
|
$ 0.33 |
|
$ 0.24 |
|
$ 0.01 |
|
$ (0.01) |
|
$ (0.01) |
|
$ (0.06) |
|
$ (0.10) |
|
$ (0.21) |
|
$ 0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Nine Months 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions, except |
As |
|
Rationalizations, |
|
Tupelo Storm |
|
Pension Settlement |
|
Debica Fire |
|
Other Legal |
|
Environmental
Remediation |
|
Foreign Currency |
|
Indirect Tax Settlements and Discrete Tax Items |
|
Asset and |
|
As |
|
$ 14,950 |
|
$ - |
|
$ 110 |
|
$ - |
|
$ 11 |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ - |
|
$ 15,071 |
Cost of Goods Sold |
12,487 |
|
(31) |
|
41 |
|
- |
|
(3) |
|
3 |
|
5 |
|
- |
|
- |
|
- |
|
12,502 |
Gross Margin |
2,463 |
|
31 |
|
69 |
|
- |
|
14 |
|
(3) |
|
(5) |
|
- |
|
- |
|
- |
|
2,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SAG |
2,045 |
|
10 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2,055 |
Rationalizations |
302 |
|
(302) |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
Interest Expense |
403 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
403 |
Other (Income) Expense |
82 |
|
- |
|
- |
|
(40) |
|
- |
|
(8) |
|
- |
|
5 |
|
- |
|
58 |
|
97 |
Pre-tax Income (Loss) |
(369) |
|
323 |
|
69 |
|
40 |
|
14 |
|
5 |
|
(5) |
|
(5) |
|
- |
|
(58) |
|
14 |
Taxes |
22 |
|
45 |
|
13 |
|
9 |
|
1 |
|
2 |
|
(1) |
|
- |
|
5 |
|
(17) |
|
79 |
Minority Interest |
7 |
|
- |
|
- |
|
1 |
|
1 |
|
- |
|
- |
|
- |
|
1 |
|
- |
|
10 |
Goodyear Net Income (Loss) |
$ (398) |
|
$ 278 |
|
$ 56 |
|
$ 30 |
|
$ 12 |
|
$ 3 |
|
$ (4) |
|
$ (5) |
|
$ (6) |
|
$ (41) |
|
$ (75) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS |
$ (1.40) |
|
$ 0.98 |
|
$ 0.20 |
|
$ 0.10 |
|
$ 0.04 |
|
$ 0.01 |
|
$ (0.01) |
|
$ (0.02) |
|
$ (0.02) |
|
$ (0.14) |
|
$ (0.26) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA CONTACT:
330.796.3855
DOUG_GRASSIAN@GOODYEAR.COM
ANALYST CONTACT:
330.796.5008
GREG_SHANK@GOODYEAR.COM
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