Goodyear Announces Q3 2024 Results, Increases Goodyear Forward Targets
Goodyear (NASDAQ: GT) reported a Q3 2024 net loss of $34 million ($0.12 per share), with adjusted net income of $105 million ($0.37 per share). Sales reached $4.8 billion with tire unit volumes of 42.5 million. The company achieved segment operating income of $347 million, with an SOI margin of 7.2%, marking the fourth consecutive quarter of margin expansion. Goodyear Forward transformation targets were increased to $1.5 billion by end of 2025, up $200 million from original target. The company expects $450 million in gross benefits for 2024 and additional $750 million in 2025, maintaining its 10% SOI margin target.
Goodyear (NASDAQ: GT) ha riportato una perdita netta di 34 milioni di dollari nel terzo trimestre del 2024 (0,12 dollari per azione), con un reddito netto rettificato di 105 milioni di dollari (0,37 dollari per azione). I ricavi hanno raggiunto i 4,8 miliardi di dollari con volumi di pneumatici di 42,5 milioni. L’azienda ha registrato un utile operativo di segmento di 347 milioni di dollari, con un margine SOI del 7,2%, segnando il quarto trimestre consecutivo di espansione del margine. Gli obiettivi di trasformazione Goodyear Forward sono stati aumentati a 1,5 miliardi di dollari entro la fine del 2025, con un incremento di 200 milioni rispetto all'obiettivo originale. L'azienda prevede benefici lordi di 450 milioni di dollari per il 2024 e ulteriori 750 milioni nel 2025, mantenendo il proprio obiettivo di margine SOI del 10%.
Goodyear (NASDAQ: GT) reportó una pérdida neta de 34 millones de dólares en el tercer trimestre de 2024 (0,12 dólares por acción), con un ingreso neto ajustado de 105 millones de dólares (0,37 dólares por acción). Las ventas alcanzaron los 4,8 mil millones de dólares con volúmenes de unidades de neumáticos de 42,5 millones. La compañía logró un ingreso operativo de segmento de 347 millones de dólares, con un margen SOI del 7,2%, marcando el cuarto trimestre consecutivo de expansión de margen. Los objetivos de transformación Goodyear Forward se incrementaron a 1,5 mil millones de dólares para finales de 2025, un aumento de 200 millones respecto al objetivo original. La compañía espera beneficios brutos de 450 millones de dólares para 2024 y 750 millones adicionales en 2025, manteniendo su objetivo de margen SOI del 10%.
굿이어 (NASDAQ: GT)는 2024년 3분기에 3,400만 달러의 순손실(주당 0.12달러)을 보고했으며, 조정된 순이익은 1억 500만 달러(주당 0.37달러)입니다. 매출은 48억 달러에 도달했으며, 타이어 유닛 볼륨은 4,250만 개입니다. 이 회사는 3억 4,700만 달러의 세그먼트 운영 수익을 달성했으며, SOI 마진은 7.2%로 마진 확대의 네 번째 연속 분기를 기록했습니다. 굿이어 포워드 변환 목표는 2025년 말까지 15억 달러로 증가했으며, 이는 원래 목표보다 2억 달러 증가한 수치입니다. 회사는 2024년에 4억 5천만 달러의 총 이익과 2025년에 추가로 7억 5천만 달러를 기대하고 있으며, 10%의 SOI 마진 목표를 유지하고 있습니다.
Goodyear (NASDAQ: GT) a annoncé une perte nette de 34 millions de dollars au troisième trimestre 2024 (0,12 dollar par action), avec un bénéfice net ajusté de 105 millions de dollars (0,37 dollar par action). Les ventes ont atteint 4,8 milliards de dollars avec des volumes de pneus de 42,5 millions d'unités. L'entreprise a réalisé un résultat d'exploitation de segment de 347 millions de dollars, avec une marge SOI de 7,2 %, marquant le quatrième trimestre consécutif d'expansion de la marge. Les objectifs de transformation Goodyear Forward ont été augmentés à 1,5 milliard de dollars d'ici fin 2025, soit 200 millions de dollars de plus que l'objectif initial. L'entreprise s'attend à 450 millions de dollars de bénéfices bruts pour 2024 et 750 millions supplémentaires pour 2025, tout en maintenant son objectif de marge SOI de 10%.
Goodyear (NASDAQ: GT) berichtete im dritten Quartal 2024 einen Nettoverlust von 34 Millionen Dollar (0,12 Dollar pro Aktie) bei einem bereinigten Nettogewinn von 105 Millionen Dollar (0,37 Dollar pro Aktie). Die Umsätze erreichten 4,8 Milliarden Dollar mit einem Reifenabsatz von 42,5 Millionen Einheiten. Das Unternehmen erzielte ein operatives Segmentergebnis von 347 Millionen Dollar mit einer SOI-Marge von 7,2% und verzeichnete das vierte aufeinanderfolgende Quartal mit Margenausweitung. Die Ziele der Goodyear Forward-Transformation wurden auf 1,5 Milliarden Dollar bis Ende 2025 erhöht, was einer Steigerung von 200 Millionen Dollar gegenüber dem ursprünglichen Ziel entspricht. Das Unternehmen erwartet 450 Millionen Dollar an Bruttovorteilen für 2024 und zusätzliche 750 Millionen Dollar für 2025, während es sein Ziel einer SOI-Marge von 10% beibehält.
- Segment operating income increased to $347 million, up $11 million YoY
- SOI margin improved by 70 basis points YoY to 7.2%
- Goodyear Forward benefits reached $123 million in Q3
- Asia Pacific segment operating margin improved to 11.7% from 8.6% YoY
- Increased transformation targets by $200 million to $1.5 billion
- Net loss of $34 million in Q3 2024
- $125 million intangible asset impairment for Mastercraft and Roadmaster brands
- Americas tire unit volume decreased 8.3% YoY
- Total sales declined to $4.8 billion
- Operating cash flow showed negative $591 million for first nine months
Insights
Goodyear's Q3 2024 results show mixed signals with notable improvements in operational efficiency. The
Key positives include
The commitment to achieve
Market dynamics reveal significant shifts in the tire industry landscape. The decline in U.S. replacement tire volume, coupled with growth in low-cost imported products, indicates intensifying competition in the value segment. This trend forced Goodyear to strategically reduce exposure to lower-margin segments.
The Asia Pacific region shows promising developments in EV fitments, though challenged by volume declines in key markets like Australia, China and India. EMEA's performance reflects a strategic pivot toward higher-margin products, despite volume decreases in smaller rim sizes.
The transformation plan's execution demonstrates management's ability to adapt to market challenges, though sustained volume declines could pressure long-term market position.
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 November 2023 to create a more profitable enterprise and drive shareholder value creation. Run rate cost reduction and top line benefits have been increased by
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 | |||
Net Sales | |||||||
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 | |||
Net Sales | |||||||
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 | |||
Net Sales | |||||||
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 Tuesday, November 5 at 8:30 a.m. ET. Please visit
Participating in the conference call will be Mark W. Stewart, chief executive officer and president, and Christina L. Zamarro, executive vice president and chief financial officer.
The investor call can be accessed on the website or via telephone by calling either (800) 343-4849 or (203) 518-9848 before 8:25 a.m. and providing the conference ID "
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 Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.
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
The Goodyear Tire & Rubber Company and Subsidiaries Financial Tables (Unaudited) Table 1: Consolidated Statement of Operations | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | ||||
Net Sales | $ 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 | |||
September 30, | December 31, | ||
(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 | |
Goodwill | 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 | |||
September 30, | |||
(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 | ||||||
September 30, | September 30, | ||||||
(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) | |||
Net Sales | $ 4,824 | $ 5,142 | $ 13,931 | $ 14,950 | |||
Return on Net Sales | -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 | |||||||
Net Sales | $ 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 | ||||||||
Net Sales | $ 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 | |||||||||||||||||||||
(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 | ||||||||||
Net Sales | $ 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 | ||||||||||
Net Sales | $ 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:
DOUG GRASSIAN
330.796.3855
DOUG_GRASSIAN@GOODYEAR.COM
ANALYST CONTACT:
GREG SHANK
330.796.5008
GREG_SHANK@GOODYEAR.COM
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SOURCE The Goodyear Tire & Rubber Company
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