更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 September 10, 2025 04:01 AM GMT Investor Presentation | Japan M Foundation Auto Parts & Tires: Tide of Industry Changes We maintain In-Line industry view on Auto Parts and Attractive industry view on Tires. Highlighting Toyoda Gosei in Auto Parts, and Toyo Tire in Tires. • Auto Parts industry: In-Line Morgan Stanley MUFG Securities Co., Ltd.+ Shinji Kakiuchi Equity Analyst Shinji.Kakiuchi@morganstanleymufg.com +81 3 6836-5416 Hayato Takashima Research Associate Hayato.Takashima@ ...

The Goodyear Tire & Rubber Company's (NASDAQ: GT ) second quarter showed how tariffs have really complicated an industry that should have been protected. Retailers have stockpiled low-cost tires, volumes have fallen by 5%, and operating marginsHi there, and welcome to my profile.I’m a finance professional with over a decade of experience across global markets, with a deep focus on macroeconomic analysis, portfolio management, and equity research. I currently serve as a Senior Analyst at a European asset man ...

Core Points - Michelin has completed the divestment of its bias tires and tracks for compact construction equipment activities, following the terms announced on December 6, 2024, and after obtaining necessary approvals for the transaction [1] - The divestment includes two plants in Sri Lanka, the Midigama Tyre Division and Casting Product Division, and the Camso brand, which will be sold after a three-year licensing period [2] - This decision aligns with Michelin's sustainable growth strategy, "Michelin in Motion 2030," focusing on areas where the Group's innovations and technologies are most valued [3] - The divestment and discontinuation of these activities, which represented approximately 3% of the Group's third Reporting Segment (RS3) net sales in 2024, is expected to enhance the financial performance of the Segment [4]

Group 1 - Goodyear has partnered with Ice Cube to promote his "Truth to Power" tour, featuring the Goodyear Blimp at various concert venues across the U.S. [2][3] - The partnership was officially launched at the BIG3 Championship in Orlando, showcasing the blimp as part of the event [1]. - Goodyear is recognized as one of the world's largest tire companies, employing approximately 68,000 people and operating 53 facilities in 20 countries [4]. Group 2 - The collaboration aims to bring Ice Cube's music history and cultural impact to life, particularly referencing his iconic song that mentions the Goodyear Blimp [3]. - Concertgoers in cities like Denver, San Diego, Los Angeles, and Cleveland will have unique experiences involving the Goodyear Blimp during the tour [2]. - Goodyear's Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, focus on developing advanced products and services for the tire industry [4].

Core Insights - Goodyear Tire & Rubber Company announced the appointment of Jan-Piet van Kesteren as Managing Director EMEA & Chief Sales Officer EMEA Consumer, effective September 1 [1][2] - Van Kesteren will lead the Consumer business across the EMEA region, focusing on sales execution, profitable growth, and alignment with the company's global strategy [3] - His extensive experience includes over 20 years in international commercial leadership, with previous roles at AkzoNobel and Unilever [4] Company Overview - Goodyear is one of the largest tire companies globally, employing approximately 68,000 people and operating 53 manufacturing facilities in 20 countries [5] - The company has two Innovation Centers located in Akron, Ohio, and Colmar-Berg, Luxembourg, dedicated to developing advanced products and services [5]

Government Policy & Geopolitics - Italian government is considering restricting Chinese investors' shareholdings in key companies to avoid potential tensions with the US [1] - The focus is on large entities in strategic sectors like energy, transportation, technology, and finance [1] Company Specifics - Pirelli, a tire manufacturer, is an example, with China's Sinochem International holding 37% of its shares [1] - Italy is evaluating options that could force Sinochem International to sell its shares in Pirelli [1] Investment Landscape - Approximately 700 Italian companies have Chinese investors [1]

Core Insights - Goodyear Tire reported an adjusted loss per share of 17 cents in Q2 2025, missing the Zacks Consensus Estimate of earnings of 37 cents, and down from earnings of 19 cents per share in the same quarter last year [1][8] - The company generated net revenues of $4.47 billion, a decline of 2.2% year-over-year, and below the Zacks Consensus Estimate of $4.53 billion [1][8] Segment Performance - The Americas segment generated revenues of $2.67 billion, down 1.3% year-over-year, with an operating income of $141 million, a decrease of 41.5% from the previous year due to higher raw material costs and inflation [3] - Revenues in the Europe, Middle East and Africa segment were $1.34 billion, up 5.1% year-over-year, but the segment reported an operating loss of $25 million compared to an operating income of $30 million in the prior year, primarily due to increased raw material costs [4] - The Asia Pacific segment saw revenues fall 22.7% year-over-year to $459 million, with an operating profit of $43 million, down 31.8% from the previous year, attributed to the divestiture of the OTR tire business [5] Financial Position - Selling, general & administrative expenses decreased to $692 million from $731 million in the prior year [6] - Cash and cash equivalents were $785 million as of June 30, 2025, down from $810 million at the end of 2024 [6] - Long-term debt and finance leases increased to $6.56 billion as of June 30, 2025, from $6.4 billion at the end of 2024 [6] - Capital expenditure in the first half of 2025 was $466 million, down from $634 million in the same period of 2024 [6] Revised Outlook for 2025 - Goodyear expects capital expenditures to be $900 million, reduced from a previous estimate of $950 million [7] - Interest expense is projected to remain at $450 million, while depreciation and amortization are expected to be approximately $925 million [7]

Financial Data and Key Metrics Changes - Second quarter sales were $4.5 billion, down 2% from last year due to lower volume and the sale of OTR, partly offset by increases in price mix [22][23] - Unit volume declined 5%, reflecting the impacts of global trade disruption on OE production and consumer sell-out trends [22][23] - Gross margin declined by 360 basis points, while SG&A costs were lower by $39 million [22][23] Business Line Data and Key Metrics Changes - The commercial business experienced a significant decline, with OEM replacement demand globally being materially weaker, contributing to about half of the sales miss [22][23] - The Americas unit volume decreased by 2.6%, driven by headwinds in consumer OE and replacement, while commercial OE volume declined by 22% [27][28] - EMEA's unit volume decreased by 2%, with significant weakness in the commercial business, while consumer OE volume grew by 11% [30][31] Market Data and Key Metrics Changes - The consumer replacement market in the U.S. was characterized by increased competition, particularly with low-end imports growing approximately 15% during the quarter [12][27] - Non-member imports in the U.S. increased over 30% in the quarter, while European imports also rose [18][28] - The truck tire market has been running at recessionary levels, with expectations for full-year volume and mix to register below COVID year levels [17][33] Company Strategy and Development Direction - The company is focused on executing the Goodyear Forward strategy, which aims to control costs and improve margins, with benefits already being realized ahead of schedule [6][8] - New product launches are planned, including 11 new products in North America and an extensive winter tire offering in Europe, aimed at gaining share in the premium segment [20][52] - The company is committed to strengthening its balance sheet through divestitures and cost control measures [8][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the near-term outlook remains turbulent due to global trade disruptions but expressed confidence in regaining momentum as market conditions stabilize [5][19] - The company expects to see benefits from raw material costs beginning in Q4 and anticipates a decline in imports in the U.S. market [9][16] - Management highlighted the importance of adapting to changes in the market, including potential tariffs in Europe and the need to manage distribution effectively [16][19] Other Important Information - The company reported a net income increase to $254 million, driven by a gain on the sale of the Dunlop brand, despite rationalization charges of $59 million impacting results [23][24] - Free cash flow was stable versus last year, with significant proceeds from asset sales contributing positively [26][82] - The company expects to receive gross proceeds of $650 million from the sale of its Chemical business later this year [26] Q&A Session Summary Question: Impact of low-cost imports on key markets - Management clarified that there was a surge in imports across key markets, particularly in the U.S. and Europe, despite tariffs being in place [44][45] Question: Contribution of price versus mix - Management indicated that pricing actions implemented in May are effective, but commercial truck mix has been a significant offset [48][50] Question: Future SOI impact from commercial vehicle headwinds - Management expects continued headwinds from commercial truck mix but anticipates adjustments in production to mitigate impacts [61][62] Question: Mitigation efforts for increasing tariffs - Management confirmed that adjustments to the supply chain are being considered to limit tariff impacts on the P&L [66][67] Question: Disruption from exiting ATD - Management noted that the transition to new distributors has been largely successful, with 95% of the retail base making the switch [74][75] Question: Full-year outlook on SOI and free cash flow - Management provided insights on expected drivers for Q4, including favorable raw materials and Goodyear Forward benefits, but noted uncertainty in volume [80][82]

EARNINGS RELEASE Q2 2025 | AUGUST 8, 2025 Q2 2025 - 1 Q2 2025 OVERVIEW SEGMENT OPERATING INCOME of $159 million CHALLENGING INDUSTRY DYNAMICS impacting both consumer and commercial GOODYEAR FORWARD strong execution drives benefits of $195 million GROSS ASSET SALE PROCEEDS to date of $1.6 billion; continue to expect > $2.0 billion this year Q2 OPERATIONS & INDUSTRY OBSERVATIONS CORE OPERATIONS Highlights Financial Results SBU Results Outlook Important Disclosures Appendix Q2 2025 - 2 INDUSTRY DYNAMICS CHALLE ...

Core Insights - Goodyear Tire & Rubber Company reported a net income of $254 million for Q2 2025, significantly up from $79 million in the same quarter last year, driven by asset sales and operational improvements [2][5][10] - The company experienced challenges in both consumer and commercial segments due to global trade disruptions, but anticipates stabilization and growth opportunities in the future [2][4] - Goodyear Forward transformation plan is expected to exceed original goals for cost savings and asset sale proceeds, contributing $195 million to segment operating income in Q2 2025 [2][17] Financial Performance - Q2 2025 net sales were $4.5 billion, with tire unit volumes totaling 37.9 million, compared to $4.57 billion and 38.6 million units in Q2 2024 [2][10] - Adjusted net loss for Q2 2025 was $48 million, a decline from adjusted net income of $48 million in the prior year [3][6] - Year-to-date results for the first half of 2025 showed net sales of $8.7 billion and net income of $369 million, compared to $9.1 billion and $10 million in the same period last year [5][6] Segment Performance - In the Americas, Q2 2025 net sales were $2.7 billion, down 1.3% year-over-year, with segment operating income decreasing to $141 million from $241 million [10][11] - EMEA segment reported a net sales increase of 5.1% to $1.3 billion, but incurred an operating loss of $25 million due to higher raw material costs and inflation [12][13] - Asia Pacific segment saw a 22.7% decline in net sales to $459 million, with operating income dropping to $43 million, impacted by lower demand and the sale of the OTR tire business [14][15] Goodyear Forward Plan - The Goodyear Forward initiative has generated significant benefits, with $195 million reflected in Q2 2025 segment operating income [4][17] - The company completed the sale of the OTR tire business for $905 million and the Dunlop brand for $735 million, with plans to use proceeds to reduce leverage [17] - A definitive agreement was reached to sell the majority of the Goodyear Chemical business, expected to close in late 2025 [17]