Goodyear Announces Q4 2024 and Full-Year 2024 Results

Financial Performance - Goodyear reported a full-year net income of $70 million (24 cents per share) for 2024, a significant improvement from a net loss of $689 million ($2.42 per share) in 2023 [7][8] - The fourth quarter net income was $76 million (26 cents per share), compared to a net loss of $291 million ($1.02 per share) in the same quarter of the previous year [3][4] - Adjusted net income for the full year was $302 million ($1.05 per share), up from $61 million ($0.21 per share) in 2023 [8][7] Sales and Operating Income - Fourth quarter sales reached $4.9 billion, with tire unit volumes totaling 43.6 million [3] - Full-year sales for 2024 were $18.9 billion, with tire unit volumes totaling 166.6 million [7] - Segment operating income for the fourth quarter was $385 million, reflecting a $2 million increase from the previous year [5] Goodyear Forward Transformation Plan - The Goodyear Forward plan is expected to deliver $1.5 billion in annual run-rate benefits by the end of 2025, with a target segment operating margin of 10% [19] - The plan has already contributed $480 million in benefits to segment operating income for 2024 [9][20] - The company has reaffirmed its commitment to the Goodyear Forward targets, including further margin expansion and meaningful debt reduction [2] Business Segment Results - In the Americas, fourth quarter sales were $2.9 billion, down 5.8% year-over-year, with a segment operating income of $262 million [12][13] - EMEA segment sales increased by 3.7% to $1.5 billion, with a segment operating income of $41 million, up from $6 million in the prior year [14][16] - Asia Pacific segment sales decreased by 6.8% to $606 million, but segment operating income rose to $82 million from $68 million [17][18] Cash Flow and Financial Health - Cash flows from operating activities for the full year were $698 million, down from $1,032 million in 2023 [10] - The company expects significant deleveraging in 2025 as part of its financial strategy [1]