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|Global Headquarters: 200 Innovation Way, Akron, Ohio 44316-0001||Media Website: www.GoodyearNewsRoom.com|
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|FOR IMMEDIATE RELEASE|
Goodyear Reports Third Quarter 2018 Results
Goodyear net income of $351 million versus $129 million in the prior year
Segment operating income stable, as price and mix largely balance
Global tire units rise 2%, with consumer replacement up 11% in the U. S. and 4% in EMEA
Double-digit increases in the U.S. and European ³17-inch consumer replacement segment
Results reflect impact of China slowdown and strengthening U.S. dollar
AKRON, Ohio, Oct. 26, 2018 The Goodyear Tire & Rubber Company today reported results for the third quarter of 2018.
We continued to improve the operating performance in our key mature markets, driven by strong volume growth, including significant increases in the more profitable 17-inch-and-greater rim sizes in the U.S. and Europe, said Richard J. Kramer, chairman, chief executive officer and president. These gains contributed to the improving momentum in our two largest segments, as EMEA delivered operating income growth of more than 20 percent and Americas turned in its best year-over-year performance since 2016.
We are pleased to see that in total, our operating performance was relatively stable in a period of increasing volatility. The issues that began to emerge in the second quarter have persisted including a stronger U.S. dollar and deteriorating market conditions in China. Additionally, newly enacted emission standards in Europe, growing economic volatility in Latin America, and a changing global trade environment have added incremental challenges for the industry. We have successfully navigated through similar conditions in the past, and I am confident that our strategic plan and the investments we are making are improving our long-term competitive position.
Goodyears third quarter 2018 sales were $3.9 billion, up slightly compared with a year ago, driven by higher volume, improved price/mix and higher sales in other tire-related businesses. These increases were substantially offset by unfavorable foreign currency translation.
Tire unit volumes totaled 40.5 million, up 2 percent from 2017. Replacement tire shipments increased 4 percent, driven by strength in Americas and EMEA. Original equipment unit volume decreased 4 percent, primarily driven by lower consumer demand in China.
The following information was filed by Goodyear Tire Rubber Co (GT) on Friday, October 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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