Business
Goodyear Reports First Quarter 2024 Financial Results
First quarter Goodyear net loss of $57 million (20 cents per share); adjusted net income of $29 million (10 cents per share) Segment operating income of $247
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"First quarter Goodyear net loss of $57 million (20 cents per share); adjusted net income of $29 million (10 cents per share)\nSegment operating income of $247 million, up $122 million compared to the first quarter of 2023\nAmericas segment operating income of $179 million, more than double prior year of $79 million; segment operating margin of ~7.0%\nSegment operating margin in Asia Pacific of 10.0%, up 350 basis points\nGoodyear Forward transformation initiatives delivered $72 million\nAKRON, Ohio, May 6, 2024 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) reported first quarter 2024 results and a strong start to the year.\n\n \n \n \n \n \n \n\n \nThe company will host an investor call tomorrow morning at 8:00 a.m. eastern time led by Mark Stewart, Goodyear's recently appointed chief executive officer and president and Christina Zamarro, the company's executive vice president and chief financial officer. The management team will share insights on first quarter performance and progress on the Goodyear Forward transformation plan, and Mark will share reflections after his first 90 days with the company.\nAdditional earnings materials have been posted to Goodyear's investor relations website at http://investor.goodyear.com.\nGoodyear's first quarter 2024 sales were $4.5 billion with tire unit volumes totaling 40.4 million. First quarter 2024 Goodyear net loss was $57 million (20 cents per share) compared to a Goodyear net loss of $101 million (35 cents per share) a year ago. The year over year improvement was driven by increases in segment operating income. The 2024 period also included several significant items including, on a pre-tax basis, Goodyear Forward costs of $28 million and rationalization charges of $22 million, compared with pre-tax rationalization charges of $32 million in 2023. Goodyear Forward costs are comprised of advisory, legal and consulting fees and costs associated with planned asset sales.\nFirst quarter 2024 adjusted net income was $29 million compared to adjusted net loss of $82 million in the prior year's quarter. Adjusted earnings per share was $0.10, compared to a loss of $0.29 in the prior year's quarter.\nThe company reported segment operating income of $247 million in the first quarter of 2024, up $122 million from a year ago. The increase in segment operating income reflects benefi...