Goodyear reports third-quarter sales decrease of 3.2 percent

Akron, OH – The Goodyear Tire & Rubber Company reported third quarter sales decreased 3.2% compared to prior year driven by the impact of commercial truck industry weakness and lower other-tire related sales (mostly the effect of lower third-party chemical sales). The currency impact increased sales by less than 1%. Revenue per tire increased 2%, excluding the impact of foreign exchange.

Third quarter 2023 net loss was $89 million ($0.31 per share loss) compared to net income of $44 million ($0.16 per share) a year ago. The decrease in net income was primarily due to higher rationalization costs of $153 million, driven by a rationalization and workforce reorganization plan in Europe to improve our cost structure and a plan to change our operating model in Australia and New Zealand to a third-party distribution and retail sales approach. After adjusting for significant items, our third quarter net income was $104 million, compared to $116 million in the prior year’s quarter.

Adjusted earnings per share on a diluted basis were $0.36 compared to $0.40 a year ago.

Goodyear will also provide an update on Wednesday, Nov. 15, regarding the comprehensive assessment led by the Strategic and Operational Review Committee of its Board of Directors.

The Company will host a public call on Wednesday, Nov. 15, at 8:30 a.m. EST to discuss the committee’s recommendations to maximize shareholder value creation. A related press release and presentation will also be made available that morning on the Company’s investor relations website: http://investor.goodyear.com.
The call can be accessed on the website or via telephone by calling either (800) 579-2543 or (785) 424-1789 before 8:25 a.m. EST and providing the conference ID “Goodyear.” A replay will be available by calling (888) 567-0679 or (402) 530-0421. The replay will also remain available on the website.