Goodyear Posts Third Quarter Results

Goodyear Tire & Rubber Co. posted total third quarter 2022 net income of $44 million versus net income of $132 million during the same period in 2021.

« Lower adjusted net income reflects reduced merger-adjusted segment operating income, higher interest expense and the unfavorable impact of foreign currency exchange, » Goodyear officials said in an Oct. 31 letter to investors.

The company also noted that the third quarter of 2021 « reflected the early effects of increased prices but did not yet fully reflect raw material and other cost increases. »

« Despite industry volume weakness, third quarter sales increased 7.6% compared to prior year, driven by strong price/mix. Revenue per tire increased 16%, excluding the impact of foreign exchange. » …

Source: MTD