Business
Goodyear Reports Third Quarter 2021 Results
Net sales growth of 42% compared with the third quarter of 2020, 16% growth excluding the Cooper Tire transaction Goodyear net income of $132 million;
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"Net sales growth of 42% compared with the third quarter of 2020, 16% growth excluding the Cooper Tire transaction\n Goodyear net income of $132 million; adjusted net income of $206 million\n Merger-adjusted segment operating income of $449 million\n Global consumer replacement volume continued to exceed industry, driven by large-rim diameter volume\n Price/mix exceeds raw materials by more than $165 million; revenue per tire (excluding currency impact) up 10% versus third quarter of 2020\n Expected synergies from Cooper Tire combination increase 50% to $250 million\n\n\nAKRON, Ohio, Nov. 5, 2021 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today reported results for the third quarter and first nine months of 2021.\n\n \n \n \n \n \n \n\n \n\"We continued to capitalize on favorable industry trends in our key replacement markets,\" said Richard J. Kramer, chairman, chief executive officer and president. \"Overall consumer replacement demand remains robust, and our business continues to have momentum. We delivered our strongest price/mix in nearly a decade, more than offsetting inflationary pressures and driving strong earnings performance.\"\n\"With the transportation industry moving record freight volume, we also saw robust demand from our largest commercial customers. As a result, our commercial business delivered another strong quarter, with fleet tire volume well above pre-pandemic levels,\" added Kramer. \n\"In addition to positive trends in our business, we also expect to benefit from increased synergies as a result of our combination with Cooper Tire, which include added international initiatives and manufacturing and sales opportunities,\" said Kramer. \nGoodyear's third quarter 2021 sales were $4.9 billion, up 42% from a year ago. The increase was driven by the Cooper Tire merger, improvements in price/mix, increased sales from other tire-related businesses and higher volume.\nTire unit volumes totaled 48.2 million, up 32% from the prior year's period. Replacement tire unit volume increased 44%, reflecting the addition of Cooper Tire unit volume, continuing industry recovery and market share gains. Original equipment unit volume decreased 7%, reflecting lower vehicle production, which continued to be affected by shortages of components and materials. \nGoodyear's third quarter 2021 net income was $132 m...