Goodyear tested the new Assurance WeatherReady® 2 against similar competitor products, including the Michelin CrossClimate2, Bridgestone WeatherPeak, and Pirelli Scorpion WeatherActive. In head-to-head comparisons1, the Assurance WeatherReady® 2's premium performance came in first when testing for wet handling, wet braking and dry handling - establishing it as the ideal choice for an all-weather solution and setting a new standard for all-season tires.Featuring Goodyear's innovative All-Weather Technology, ...

Tire manufacturer Good Year Tire & Rubber Co. NASDAQ: GT has not had a very good year. Shares recently hit 52-week lows at $7.63, trading down 40.2% year-to-date (YTD). Despite being the largest tire manufacturer in the United States, the company continues to suffer from sales declines. Shares toppled nearly 40% following the earnings report, posting weaker-than-expected revenues for the second quarter of 2024.Get Goodyear Tire & Rubber alerts:Macroeconomic and Industry Pressures Weigh on Goodyear's Prospec ...

Shares of Goodyear Tire (GT) plunged 33.5% since the company reported second-quarter 2024 results. It reported second-quarter 2024 adjusted earnings per share (EPS) of 19 cents, surpassing the Zacks Consensus Estimate of 9 cents. The company had incurred a loss of 34 cents in the year-ago quarter.The company generated net revenues of $4.57 billion, which declined 6.1% on a year-over-year basis and missed the Zacks Consensus Estimate of $4.79 billion due to lower replacement volume.In the reported quarter, t ...

Core Viewpoint - Goodyear Tire & Rubber Company experienced a significant decline in stock price, dropping 15.1% on August 1, 2024, following disappointing revenue results for Q2 2024, which fell short of analyst expectations despite some positive earnings metrics [1][2]. Financial Performance - Revenue for Q2 2024 was reported at $4.57 billion, a decrease of 6.1% from $4.87 billion in Q2 2023, and $210 million lower than analyst forecasts [2]. - The Americas segment saw an 8.2% revenue decline, dropping from $2.94 billion, primarily due to a 5.9% decrease in tire shipments, from 20.8 million to 19.6 million [3][4]. - The EMEA segment's sales fell by 4.6% from $1.34 billion to $1.28 billion, impacted by a decline in tire sales and foreign currency fluctuations [5][6]. - The Asia Pacific region was the only segment to show growth, with a 1.2% increase in sales from $587 million to $594 million, driven by a 32.2% rise in original equipment tire volume due to increased EV fitments in China [5][7]. Earnings and Profitability - The company reported earnings per share of $0.30, significantly better than the $0.73 loss in Q2 2023, and $0.19 above analyst expectations [8][9]. - Adjusted earnings improved from a loss of $97 million last year to a gain of $54 million this year, with GAAP loss turning into a gain of $85 million [9]. - EBITDA increased from $296 million to $483 million, indicating overall improvement in profitability metrics [9]. Cost-Cutting Initiatives - Goodyear's "Goodyear Forward" plan aims to sell $2 billion in assets and implement cost-cutting measures to reduce annual expenditures by $1.3 billion, with $162 million in savings achieved by Q2 2024 [10][11]. - The company has made progress in asset sales, agreeing to sell its Off-The-Road operations for $905 million, with further sales expected to follow [11][12]. Market Position and Valuation - Despite the revenue decline, the stock is viewed as attractively priced, trading in the mid-single digit range on both price-to-adjusted operating cash flow and EV to EBITDA basis [13]. - The increase in net debt by $314 million is noted, but it is expected to be offset by asset sales and improvements in the bottom line [12][14].

JayLazarin/iStock Unreleased via Getty Images Introduction Goodyear Tire & Rubber (NASDAQ:GT) is a tire manufacturer going through a turnaround. Since the last time I reviewed the company in March 2024, shares are down about 20% while the S&P500 has gone on to return 6%. Clearly, the company has been an underperformer, but this is also highlighted in longer time frames where the company has experienced weak sales and earnings. Under the hood, the company has been trying to make investments to generate margi ...

Tire sales are down despite an improving auto market.Shares of Goodyear Tire & Rubber (GT -15.90%) plunged as much as 16.7% in trading on Thursday after reporting second-quarter 2024 financial results. The stock closed down 15.9% on the day.Weak sales hit Goodyear stockRevenue for the quarter was $4.57 billion, down from $4.87 billion a year ago. But the company swung from a loss of $208 million to a profit of $85 million, or $0.30 per share.Earnings on an adjusted basis of $0.19 per share topped analysts' ...

EARNINGS RELEASE Q2 2024 - 1 Q2 2024 | AUGUST 1, 2024 Q2 2024 HIGHLIGHTS SEGMENT OPERATING INCOME more than double vs prior year AMERICAS SEGMENT OPERATING INCOME of $241 million, SOI margin of 8.9% ASIA PACIFIC SEGMENT OPERATING INCOME of $63 million, SOI margin of 10.6% DEFINITIVE AGREEMENT SIGNED for sale of Off-the-Road tire business GOODYEAR FORWARD progress continues ahead of plan Q2 2024 - 2 Quarter Highlights Financial Results SBU Results Outlook Important Disclosures Appendix Q2 2024 KEY METRICS Ti ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 Commission File Number: 1-1927 THE GOODYEAR TIRE & RUBBER COMPANY (Exact Name of Registrant as Specified in Its Charter) Ohio 34-0253240 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 200 Innovation Way, Akron, Ohio 44316-0001 ...

Financial Data and Key Metrics - Q2 2024 segment operating income was $339 million, with a margin of 7.4%, nearly triple the margin from Q2 2023 [7] - Reported EPS increased by over $1, and adjusted EPS grew by $0.53 year-over-year [7] - Sales totaled $4.6 billion, down 6% from last year, driven by lower volume and unfavorable price/mix [14] - Unit volume decreased by 2% year-over-year, with replacement volume declining by 7% and OE volume increasing by 13% [14] - Free cash flow was a use of $346 million in Q2, compared to a cash inflow of $96 million in the same period last year [16] Business Line Performance - Americas: Unit volume decreased by 6%, driven by replacement volume, but segment operating income increased by $138 million to $241 million [17] - EMEA: Unit volume decreased by 1%, with segment operating income up $54 million to $35 million [18] - Asia Pacific: Unit volume increased by 8%, driven by OE growth in China, with segment operating income up $23 million to $63 million [19] Market Performance - Americas: U.S. replacement industry grew slightly, but low-end imports increased by 18%, impacting branded tire companies [17] - EMEA: Western Europe saw growth, but Eastern Europe, particularly Turkey, experienced declining volume due to pricing actions in response to hyperinflation [18] - Asia Pacific: Strong growth in China's OE market, especially in the EV segment, but consumer replacement industry in China was weaker than expected [10] Company Strategy and Industry Competition - The company is focusing on profitable volume segments and high-return areas while executing cost reduction efforts [6] - Goodyear Forward initiatives contributed $90 million in Q2, with benefits driven by purchasing initiatives [15] - The company is reducing exposure to competitive Tier 3 and Tier 4 market segments through SKU rationalization and margin enhancement actions [8] - The company is transitioning to shared services in EMEA and opening a new shared services center in Costa Rica for the Americas [11] Management Commentary on Operating Environment and Future Outlook - The industry environment in the first half of 2024 was challenging, with downgrades to OEM production levels and a saturated replacement market due to low-end imports [6] - The company expects industry challenges to continue through the second half of 2024 [6] - Full-year unit volume outlook has been revised to reflect first-half experience, with Q3 global unit volume expected to decline by approximately 4% [20] - The company increased its full-year outlook for Goodyear Forward initiatives, reflecting strong progress across work streams [20] Other Important Information - The company achieved a 15% reduction in Americas overtime hours by June [12] - The sale of a valuable property in Germany was reported in Q2, as part of real estate portfolio optimization [12] - The Goodyear Vector Gen-3 All Season tire was awarded a test winner by ADAC, which is expected to drive price and mix in the fast-growing segment [9] Q&A Session Summary - No specific questions or answers were provided in the transcript [21][22][23]

Core Insights - Goodyear reported $4.57 billion in revenue for Q2 2024, a year-over-year decline of 6.1% [1] - The EPS for the quarter was $0.19, a significant improvement from -$0.34 a year ago [1] - Revenue fell short of the Zacks Consensus Estimate by 4.67%, while EPS exceeded expectations by 111.11% [1] Revenue and Earnings Performance - Total tire units sold were 40.1 million, below the average estimate of 40.77 million [6] - Net sales in the Americas were $2.70 billion, compared to the average estimate of $2.87 billion, reflecting an 8.2% year-over-year decline [7] - Net sales in Asia Pacific reached $594 million, slightly below the average estimate of $604.36 million, with a year-over-year increase of 1.2% [8] - Net sales in Europe, Middle East, and Africa were $1.28 billion, just under the average estimate of $1.30 billion, showing a year-over-year decline of 4.6% [9] Market Performance - Goodyear shares have returned +4% over the past month, outperforming the Zacks S&P 500 composite, which declined by -0.4% [9] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [9]