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Goodyear Tire Rubber Co (GT) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Goodyear Tire Rubber Co

CIK: 42582 Ticker: GT

Exhibit 99.1

 

LOGO    News Release
Global Headquarters: 200 Innovation Way, Akron, Ohio 44316-0001    Media Website: www.GoodyearNewsRoom.com

 

 

 

      MEDIA CONTACT:   

Ed Markey

330-796-8801

      ANALYST CONTACT:   

Christina Zamarro

330-796-1042

      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.”

Goodyear’s 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.

 

 

(more)


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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Inside Goodyear Tire Rubber Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Operations
Accounting Policies
Accounting Policies (Policies)
Accounting Policies (Tables)
Accounting Policies - Narrative (Details)
Accounting Policies - Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Details)
Accounting Policies - Schedule Of Changes In Accounting Policy (Details)
Business Segments
Business Segments (Tables)
Business Segments - Charges And Credits Attributable To The Sbus (Details)
Business Segments - Reporting Information (Details)
Capital Stock
Capital Stock (Details)
Changes In Shareholders' Equity
Changes In Shareholders' Equity (Tables)
Changes In Shareholders' Equity - Changes In Shareholders' Equity (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Narrative (Details)
Commitments And Contingent Liabilities - Summary Of Asbestos Claims Activity (Details)
Consolidating Financial Information
Consolidating Financial Information (Tables)
Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details)
Consolidating Financial Information - Condensed Consolidating Statement Of Cash Flows (Details)
Consolidating Financial Information - Consolidating Statements Of Operations (Details)
Consolidating Financial Information - Narrative (Details)
Costs Associated With Rationalization Programs
Costs Associated With Rationalization Programs (Tables)
Costs Associated With Rationalization Programs - Narrative (Details)
Costs Associated With Rationalization Programs - Net Rationalization Charges Included In Income Before Income Taxes (Details)
Costs Associated With Rationalization Programs - Roll-Forward Of The Rationalization Liability Between Periods (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Basic And Diluted Earnings Per Common Share (Details)
Earnings Per Share - Narrative (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Fair Value Of Long-Term Fixed Rate And Variable Rate Debt Excluding Capital Leases (Details)
Fair Value Measurements - Information About Assets And Liabilities Recorded At Fair Value (Details)
Fair Value Measurements - Narrative (Details)
Financing Arrangements And Derivative Financial Instruments
Financing Arrangements And Derivative Financial Instruments (Tables)
Financing Arrangements And Derivative Financial Instruments - Classification Of Changes In Fair Values Of Foreign Currency Contracts (Details)
Financing Arrangements And Derivative Financial Instruments - Fair Values For Foreign Currency Contracts (Details)
Financing Arrangements And Derivative Financial Instruments - Notes And Credit Facilities Narrative (Details)
Financing Arrangements And Derivative Financial Instruments - Other Narrative (Details)
Financing Arrangements And Derivative Financial Instruments - Schedule Of Long Term Debt And Capital Leases And Financing Arrangements (Details)
Financing Arrangements And Derivative Financial Instruments - Schedule Of Notes Payable And Overdrafts, Long Term Debt And Capital Leases Due Within One Year (Details)
Income Taxes
Income Taxes (Details)
Net Sales
Net Sales (Tables)
Net Sales - Schedule Of Balance Of Deferred Revenue Related To Contracts With Customers (Details)
Net Sales - Schedule Of Disaggregated Revenue (Details)
Other (Income) Expense
Other (Income) Expense (Tables)
Other (Income) Expense - Narrative (Details)
Other (Income) Expense - Schedule Of Other Income And Expense (Details)
Pension Savings And Other Postretirement Benefit Plans (Tables)
Pension, Savings And Other Postretirement Benefit Plans
Pension, Savings And Other Postretirement Benefit Plans - Defined Benefit Pension Cost (Details)
Pension, Savings And Other Postretirement Benefit Plans - Narrative (Details)
Reclassifications Out Of Accumulated Other Comprehensive Loss
Reclassifications Out Of Accumulated Other Comprehensive Loss (Tables)
Reclassifications Out Of Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss By Component (Details)
Reclassifications Out Of Accumulated Other Comprehensive Loss - Reclassifications Out Of Aocl (Details)
Stock Compensation Plans
Stock Compensation Plans - Narrative (Details)
Ticker: GT
CIK: 42582
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-18-010221
Submitted to the SEC: Fri Oct 26 2018 3:09:15 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Tires And Inner Tubes

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