Business
Goodyear Reports Second Quarter 2024 Financial Results
Second quarter Goodyear net income of $85 million (30 cents per share); adjusted net income of $54 million (19 cents per share) Segment operating income of
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"Second quarter Goodyear net income of $85 million (30 cents per share); adjusted net income of $54 million (19 cents per share)\nSegment operating income of $339 million, up $215 million compared to the second quarter of 2023\nAmericas segment operating income of $241 million, SOI margin of 8.9%\nAsia Pacific segment operating income of $63 million, SOI margin of 10.6%\nGoodyear Forward transformation initiatives delivered $90 million\nAKRON, Ohio, July 31, 2024 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) reported second quarter 2024 results today and the company will host an investor call tomorrow morning at 8:00 a.m. eastern time led by Mark Stewart, Goodyear's 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 second quarter performance and progress on the Goodyear Forward transformation plan. \n\n \n \n \n \n \n \n\n \nAdditional earnings materials have been posted to Goodyear's investor relations website at http://investor.goodyear.com.\n\"We demonstrated clear progress on our Goodyear Forward plan in the second quarter, achieving significant margin expansion and securing a definitive agreement to sell our Off-the-Road business,\" said Chief Executive Officer and President Mark Stewart. \"Our associates are dedicated to delivering Goodyear Forward, and their commitment is especially critical as we look to a second half affected by weaker underlying trends in the industry. I continue to be confident in our ability to deliver Goodyear Forward and 10% segment operating income margin by the end of next year.\"\nGoodyear's second quarter 2024 sales were $4.6 billion with tire unit volumes totaling 40.1 million. Second quarter 2024 Goodyear net income was $85 million (30 cents per share) compared to a Goodyear net loss of $208 million (73 cents per share loss) a year ago. The year over year improvement was driven by increases in segment operating income. The second quarter of 2024 included several significant items including, on a pre-tax basis, a benefit of $96 million from asset and other sales, Goodyear Forward costs of $40 million and rationalization charges of $19 million. The second quarter of 2023 included pre-tax rationalization charges of $72 million and a $51 million benefit from ...