LOGO

 

FOR IMMEDIATE RELEASE

 

>   GLOBAL HEADQUARTERS:

    200 INNOVATION WAY,

    AKRON, OHIO 44316-0001

 

>   MEDIA WEBSITE:

    WWW.GOODYEARNEWSROOM.COM

 

>   MEDIA CONTACT:

    ED MARKEY

    330.796.8801

    EMARKEY@GOODYEAR.COM

 

>   ANALYST CONTACT:

    NICHOLAS MITCHELL

    330.796.5512

    NICHOLAS_MITCHELL@GOODYEAR.COM

  

Exhibit 99.1

 

NEWS RELEASE

 

GOODYEAR REPORTS FOURTH QUARTER,

FULL-YEAR 2020 RESULTS

 

– Fourth quarter Goodyear net income of $63 million; adjusted net income of $103 million

 

– Fourth quarter segment operating income of $302 million, up 25% from the prior year

 

– Full-year cash flow from operations of $1.1 billion, reflecting strong working capital performance

 

– Robust cash and liquidity position of $5.4 billion

 

– Fourth quarter revenue per tire up 3%, excluding foreign currency

 

AKRON, Ohio, Feb. 9, 2021 – The Goodyear Tire & Rubber Company today reported results for the fourth quarter and full year of 2020.

 

“We delivered strong performance to end a challenging year,” said Richard J. Kramer, chairman, chief executive officer and president. “With a determination to win with our products in the marketplace and a relentless focus on cost and cash, we finished the year on a high note.

 

“We have good momentum as we enter 2021. Our commercial business continues to outperform the industry, our consumer replacement business is strengthening, and we are beginning to see the benefits of our robust consumer OE pipeline. I am confident we are positioned to capitalize on stronger industry fundamentals in 2021,” added Kramer.

 

Goodyear’s fourth quarter 2020 sales were $3.7 billion, down 2% from a year ago. The decline was driven by lower volume and unfavorable foreign currency translation. These factors were partially offset by improvements in price/mix.

 

Tire unit volumes totaled 37.7 million, down 5% from the prior year’s period. Industry demand during the quarter was affected by the continued economic disruption resulting from the COVID-19 pandemic. Replacement tire shipments declined 7%, reflecting the impact of lower consumer demand and actions taken to align European distribution. Original equipment unit volume increased 3%, reflecting increased market share in Americas and EMEA.

 

(more)

 

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The following information was filed by Goodyear Tire Rubber Co (GT) on Tuesday, February 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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