February 20, 2024

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Goodyear records Q4 net income of US$63m | Automotive Industry News

Goodyear has posted fourth-quarter web cash flow of US$63m, when revenue per tyre rose three%.

“We sent potent performance to conclude a tough yr,” mentioned Goodyear chairman, CEO and president, Richard Kramer.

“With a willpower to win with our solutions in the market and a relentless aim on expense and money, we concluded the yr on a high take note.

“We have fantastic momentum as we enter 2021. Our business business enterprise proceeds to outperform the business, our purchaser substitute business enterprise is strengthening and we are beginning to see the benefits of our strong purchaser OE pipeline. I am assured we are positioned to capitalise on much better business fundamentals in 2021.”

Goodyear’s fourth quarter 2020 product sales ended up US$three.7bn, down 2% from a yr ago. The decrease was pushed by lessen volume and unfavourable foreign forex translation. These aspects ended up partly offset by improvements in price tag/blend.

Tyre unit volumes totalled 37.7m, down five% from the prior year period. Sector need for the duration of the quarter was influenced by the continued economic disruption resulting from the COVID-19 pandemic.

Substitution tyre shipments declined seven%, reflecting the impact of lessen purchaser need and actions taken to align European distribution. Initial devices unit volume increased three%, reflecting increased current market share in the Americas and EMEA.

Goodyear’s fourth quarter 2020 web cash flow was US$63m compared to a web loss of US$392m a yr ago. Fourth quarter 2020 adjusted web cash flow was US$103m compared to adjusted web cash flow of US$45m in 2019.

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Initial supply: https://company.goodyear.com/en-US/media/information/goodyear-stories-fourth-quarter-2020-results.html