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.” …