Displaying items by tag: Goodyear Tire and Rubber Company

The Goodyear Tire and Rubber Company, always on the edge of innovation, is taking a brand new approach to tire technology with the help of the United Soybean Board. 

In a release sent Tuesday, Goodyear announced the first commercial use of a new soybean oil-based rubber compound that's helping enhance tire performance in several differnt weather conditions, including winter weather. The tread compound, created by a group of Goodyear scientists, uses soybean oil, which is naturally grown and harvested, cost-effective, and a renewable source, according to the company. Goodyear says they've found a new way to keep the rubber pliable in different weather conidtions, increasing grip to the roadway in varying conditions. 

“Goodyear’s legacy of innovation drives us to continue to apply new technology solutions, developing superior performing tires that meet consumer demands,” said Eric Mizner, Goodyear’s director of global materials science.

Goodyear reporting the market is tightening with net income for the first half of the year of $313 million dollars on sales of $7.4 billion, down two percent from $386 million the first half of 2016. Overall tire volumes were down seven percent. CEO Richard Kramer says there's a weakening in the original equipment and consumer replacement tire markets despite overall strength in the industry, notably lower gasoline prices.

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(Goodyear Tire and Rubber) Goodyear Reports Second Quarter, First Half 2017 Results

- Second quarter results in line with guidance
- Goodyear net income of $147 million for second quarter, $313 million for first half
- Segment operating income of $361 million for second quarter, $746 million for first half
- Germany plant closure complete, $45 million in annual savings expected
- Company updates 2017 segment operating income guidance

AKRON, Ohio, July 28, 2017 – The Goodyear Tire & Rubber Company today reported results for the second quarter and first half of 2017. "Our second quarter results reflect the impact of volatile raw material costs and an increasingly challenging competitive environment, particularly in the United States and Europe," said Richard J. Kramer, chairman and chief executive officer. "In addition to higher raw material costs, we have seen a weakening in OE and consumer replacement demand across many of our key markets during the first half, despite strong underlying industry fundamentals," he said.

"The combination of these factors has led to a highly unusual first half environment, particularly given the favorable trends in miles driven, gasoline prices and unemployment that are generally supportive of our industry," Kramer added. "In light of the challenging global marketplace in the first half of 2017, we have lowered our segment operating income expectations for the remainder of the year," he said. "Despite the near-term challenges, I am no less optimistic about our ability to drive our strategic priorities against the favorable industry megatrends." Goodyear's second quarter 2017 sales were $3.7 billion, down from $3.9 billion a year ago, with the decrease largely attributable to lower tire unit volume, partially offset by improved price/mix.

Tire unit volumes totaled 37.4 million, down 10 percent from 2016, primarily in Europe, Middle East and Africa and the Americas. Replacement tire shipments were down 11 percent. Original equipment unit volume was down 8 percent. Goodyear's second quarter 2017 net income was $147 million (58 cents per share), down from $202 million (75 cents per share) in the year-ago quarter. Second quarter 2017 adjusted net income was $177 million (70 cents per share), down from $314 million ($1.16 per share) in 2016. Per share amounts are diluted.

The company reported second quarter segment operating income of $361 million in 2017, down from $531 million a year ago. The decrease reflects higher raw material costs and the impact of lower volume, which were partially offset by improved price/mix and cost savings.

Year-to-Date Results

Goodyear's sales for the first six months of 2017 were $7.4 billion, down 2 percent from the 2016 period, reflecting lower tire unit volume, partially offset by improved price/mix. Tire unit volumes totaled 77.4 million, down 7 percent from 2016. Replacement tire shipments were down 6 percent, reflecting increased competition. Original equipment unit volume was down 8 percent, driven by lower auto production.

Goodyear's year-to-date net income of $313 million ($1.23 per share) is down from $386 million ($1.43 per share) in 2016's first half. All per share amounts are diluted.

The company reported first half segment operating income of $746 million in 2017, down from $950 million a year ago. The decrease was driven by higher raw material costs and the impact of lower volume, partially offset by improved price/mix and cost savings.

Goodyear reporting record core operating income year to date -- $1.5 billion dollars worth. Net income hit more than $703 million as the company released it's third quarter results this morning. Net income was 8.2% on the quarter even though sales were down compared to the 2015 Third Quarter. The company says that's because business in Venezuela was de-consolidated.

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(Goodyear Tire & Rubber) Strong Goodyear net income of $317 million for third quarter, $703 million year-to-date.

- Segment operating income of $556 million for third quarter, record core segment operating income of $1.5 billion for year-to-date period 

- Third quarter Goodyear net income as a percent of sales of 8.2%, total segment operating margin of 14.5%

- Americas third quarter income of $305 million, 14.7% operating margin

- Europe, Middle East and Africa third quarter income of $152 million, 12.3% operating margin

- Record Asia Pacific third quarter income of $99 million, 18.3% operating margin

- Company confirms 2020 targets and capital allocation plan

AKRON, Ohio, October 28, 2016 – The Goodyear Tire & Rubber Company today reported results for the third quarter and first nine months of 2016.

"We delivered solid results in the quarter, with a total segment operating margin of 14.5 percent, which takes our core segment operating income to record levels on a year-to-date basis," said Richard J. Kramer, chairman, chief executive officer and president. "Our revised 2016 outlook reflects recent volatility impacting our U.S. commercial truck tire business. This near-term headwind will not have an impact on our value proposition or our ability to execute on our long-term plan," he said.

"Our strategy is built to take advantage of the trends shaping our industry. Global demand for high-value-added, large rim-diameter tires is increasing. We are confident that our portfolio of these products and our distribution advantages position us on a path to sustained growth and achievement of the 2020 targets that we recently announced," Kramer said.

Consistent with this strategy, on October 24 the company announced its intention to close its Philippsburg, Germany tire manufacturing facility and realign its European capacity to increase production of high-value-added tires. "Our focus is on winning in the high-value segments of the market and reducing our exposure to low-growth and declining segments to capture the value of our brand and help our customers grow profitably," he added.

Goodyear's third quarter 2016 sales were $3.8 billion, down from $4.2 billion a year ago, with the decrease driven by the deconsolidation of the company's subsidiary in Venezuela.

Tire unit volumes totaled 42 million, which was essentially flat with 2015 after adjusting for the deconsolidation of Venezuela at the end of 2015. Growth in Asia Pacific was more than offset by declines in Americas and Europe, Middle East and Africa. Replacement tire shipments were
up 1 percent. Original equipment unit volume was down 6 percent.

Goodyear's third quarter 2016 net income was $317 million ($1.19 per share), up 17 percent from $271 million (99 cents per share) in the year-ago quarter. The improvement was primarily due to an income tax benefit resulting from various discrete tax adjustments that was partially offset by increased rationalization charges. Third quarter 2016 adjusted net income was
$310 million ($1.17 per share), up from $271 million (99 cents per share) in 2015. Per share amounts are diluted.

The company reported third quarter segment operating income of $556 million in 2016, down from $602 million a year ago. Segment operating income in 2016 was negatively impacted by the deconsolidation of Venezuela. Core segment operating income, which excludes Venezuela, was
$563 million in the year-ago quarter.

Year to Date Results

Goodyear's sales for the first nine months of 2016 were $11.4 billion, down 8 percent from the 2015 period, reflecting the deconsolidation of Venezuela and unfavorable foreign currency translation.

Tire unit volumes totaled 125 million, up 1 percent from 2015, driven by growth in the Asia Pacific region, primarily in Japan, due to the acquisition of a controlling interest in Nippon Goodyear Ltd. (NGY), and China. Replacement tire shipments were up 2 percent. Original equipment unit volume was down 3 percent. Excluding the impact of the deconsolidation of Venezuela, unit volumes increased 2 percent.

Goodyear's year-to-date net income of $703 million ($2.62 per share) is up 2 percent from$687 million ($2.51 per share) in 2015's first nine months. The increase was primarily due to lower income tax expense due to various discrete tax adjustments. Year-to-date adjusted net income was $818 million ($3.05 per share), up from $649 million ($2.39 per share) in 2015. Per share amounts are diluted. The company reported year-to-date segment operating income of $1.5 billion in 2016, down 2 percent from a year ago. The decrease was due to the deconsolidation of Venezuela. Core segment operating income, which excludes Venezuela, was $1.4 billion in the 2015 nine months.

Reconciliation of Non-GAAP Financial Measures

See the note at the end of this release for further explanation and reconciliation tables for Segment Operating Income and Margin; Adjusted Net Income; and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2016 and 2015 periods.

It only stands to reason the wife of The King should be considered The Queen -- and since royalty is no stranger to christening ships, it is fitting Savannah James got the honor to swing the champagne and officially launch Wingfoot Two into Goodyear's fleet of airships.

James, wife of Cleveland Cavaliers superstar and "The King" LeBron James, swung the bottle against the airship's gondala Friday at the company's massive blimp hangar in Suffield Township. Friday as Savannah's day in the spotlight as her husband, children and other family watched proudly along with more than two thousand others on hand.

She talked about how she and LeBron grew up, as generations have, watching the iconic blimps sail across the Akron skies enroute to providing coverage of the nation's most watched sports events. Those Akron roots were warmly recognized by Goodyear CEO Richard Kramer, who officially welcomed Savannah to the family of those helping launch Goodyear airships that includes other luminaries such as ABC Good Morning America's Robin Roberts.

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(Goodyear Tire and Rubber) 

This weekend's Goodyear 10k -- part of the Akron Marathon race series -- is now sold out with the only slots available for the half-marathon. More than 1,500 runners are taking part in the event Saturday that starts at Goodyear's world headquarters.

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(Akron Marathon) The Akron Children's Hospital Akron Marathon Race Series has announced that the 2016 Goodyear 10k, which features 1,500 runners, is officially sold out. The race begins at 6:30 a.m. on Saturday, August 13, at The Goodyear Tire & Rubber Company's global headquarters at 200 Innovation Way in Akron.

While registration for both the 10k and Half Marathon closed today (Aug. 9), the Akron Marathon will offer additional registration for the Half Marathon at packet pick-up based on a limited basis. Packet pick-up will be from 11 a.m. to 7 p.m. on Friday, August 12 at the John S. Knight Center.

"We couldn't be happier with the amount of excitement surrounding the race series," said Anne Bitong, Akron Marathon president/executive director. "Coming off a successful series kick-off in June with our 8k & 1 Mile races, the number of participants for this race affirms the event's popularity and we are just thrilled to continue the momentum into this weekend's race."

The Goodyear Half Marathon & 10k course will travel past Goodyear's headquarters and includes a lap around the track at the tiremaker's restricted-access Akron Proving Grounds.

The top three overall men/women as well as top three masters men/women will receive awards in both the half marathon and 10k events. Awards will also be given to the top three men/women in each age group. The top male and female in the half marathon, as well as the top male and female in the 10k, will each receive a Goodyear Blimp ride for two and a $50 gift certificate to local Goodyear retail stores.

After the race, runners and spectators can enjoy the Finisher Festival that includes a live band, Swenson's Food Truck, Eddies Famous Cheesesteaks, ice cream and more.

Participants in the Half Marathon will receive a short sleeve premium tech shirt, medal, commemorative hat and food festival tickets. Participants in the 10k will receive a short sleeve premium tech shirt, medal and food festival tickets.

The remaining 2016 race dates are as follows: August 13 (Goodyear Half Marathon & 10k) and September 24 (FirstEnergy Akron Marathon, Half Marathon, Team Relay). The dates coordinate with a typical training schedule to help runners reach bigger goals and longer distances. Registration for Akron Marathon Race Series events is available at AkronMarathon.org.

Goodyear is still rocking it with their accountants. Operating margins were above 11 percent across the board, the company's CEO Richard Kramer reports. Second quarter sales were down, blamed partly on on events in Venezuela and sale of it's North American motorcycle tire business.

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(Goodyear Tire and Rubber) The Goodyear Tire & Rubber Company today reported results for the second quarter and first half of 2016. 

"We delivered higher volumes and solid earnings in the quarter, achieving operating margins above 11 percent in all three business units," said Richard J. Kramer, chairman and chief executive officer. "Industry fundamentals remain favorable across many of our key markets and demand for our premium, high­value­added tires is strong. Our focus remains on the disciplined execution of our strategy and delivering on our financial targets."

Goodyear's second quarter 2016 sales were $3.9 billion, down from $4.2 billion a year ago, with the decrease largely attributable to the deconsolidation of the company's subsidiary in Venezuela, the sale of the North American motorcycle tire business and unfavorable currency translation.

Tire unit volumes totaled 41.5 million, up 2 percent from 2015, driven by growth in the Asia Pacific and Europe, Middle East and Africa regions. Replacement tire shipments were up 4 percent. Original equipment unit volume was down 4 percent.

Goodyear's second quarter 2016 net income was $202 million (75 cents per share), up from $192 million (70 cents per share) in the year­ago quarter. The improvement was primarily due to a decrease in income tax expense. Excluding certain significant items, second quarter 2016 adjusted
net income was $314 million ($1.16 per share), up from $229 million (84 cents per share) in 2015. 

Per share amounts are diluted.

The company reported second quarter segment operating income of $531 million in 2016, down from $550 million a year ago. Segment operating income in 2016 was negatively impacted by a $24 million out­of­period adjustment primarily attributable to 2012 and related to the elimination of
intracompany profit in the Americas region. This amount is included as a significant item in adjusted net income. The decrease in segment operating income also reflects a $36 million reduction resulting from the deconsolidation of Venezuela partially offset by cost reduction actions. Core segment operating income, which excludes Venezuela, was $514 million in the year­ago quarter.

Year to Date Results

Goodyear's sales for the first six months of 2016 were $7.6 billion, down 8 percent from the 2015 period, reflecting unfavorable foreign currency translation of $225 million and the deconsolidation of Venezuela.

Tire unit volumes totaled 83.0 million, up 2 percent from 2015, driven by growth in the Asia Pacific region, primarily in Japan and China. Replacement tire shipments were up 3 percent. Original equipment unit volume was down 1 percent. Excluding the impact of the deconsolidation of Venezuela, unit volumes increased 3 percent. 

Goodyear's year­-to-­date net income of $386 million ($1.43 per share) is down from $416 million ($1.52 per share) in 2015's first half. The decrease was due to a one­time gain of $155 million ($99 million after­tax) on the recognition of deferred royalty income in 2015. All per share amounts are diluted. 

The company reported first half segment operating income of $950 million in 2016, up from $938 million a year ago. The increase was driven by favorable price/mix net of raw materials and the impact of higher volume. These improvements were partially offset by the deconsolidation of Venezuela. Core segment operating income, which excludes Venezuela, was $880 million in the 2015 first half.

Goodyear's still rocking -- record first quarter results with margins over 11% even though sales were down about one percent, blamed on currency fluctuations. Overall tire volumes rose two percent. The company reports operating income up to $416 million for the first quarter of the year.

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(Goodyear Tire and Rubber) The Goodyear Tire & Rubber Company today reported record results for the first quarter of 2016.

"We are very pleased with our strong first quarter performance," said Richard J. Kramer, chairman, chief executive officer and president. "Demand for our premium-branded, high-value-added products is robust and our product mix continues to grow richer, driving margin expansion," he added. The company's first quarter segment operating margin of 11.4 percent was up from
9.6 percent a year ago.

"Our results are a reflection of our ability to successfully execute on our strategy," said Kramer. "We will continue to focus on profitable growth in market segments where our innovation, brand and operational excellence capabilities provide a competitive advantage."

Goodyear's first quarter 2016 sales were $3.7 billion, down from $4.0 billion a year ago, largely due to unfavorable foreign currency translation of $141 million and the deconsolidation of the company's subsidiary in Venezuela.

Tire unit volumes totaled 41.5 million, up 2 percent from 2015, driven by growth in the Asia Pacific region, primarily in Japan and China. Replacement tire shipments were up 2 percent. Original equipment unit volume was up 2 percent. Excluding the impact of the deconsolidation of Venezuela, unit volumes increased 3 percent.

The company reported record first quarter segment operating income of $419 million in 2016, up from $388 million a year ago. The increase was driven by favorable price/mix net of raw materials and the impact of higher volume. These improvements were partially offset by the deconsolidation of the Venezuelan subsidiary and higher selling, administrative and general expenses. Core segment operating income, which excludes Venezuela, was $366 million in the year-ago quarter.

Goodyear's first quarter 2016 net income was $184 million (68 cents per share). Excluding certain significant items, adjusted net income was $195 million (72 cents per share). Per share amounts are diluted.

Goodyear's first quarter 2015 net income was $224 million (82 cents per share). Net income included a non-cash, one-time gain of $155 million ($99 million after taxes and minority interest) for the recognition of deferred royalty income resulting from the termination of a licensing agreement associated with the company's former Engineered Products business. Excluding certain significant items, adjusted net income was $148 million (54 cents per share). Per share amounts are diluted.

Goodyear is on track to top two billion dollars in operating income for 2015. The company releasing it's third quarter financials this morning shattering records with operating income up 15%, net income up 68% from the same period last year.

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(Goodyear Tire & Rubber Company) AKRON, Ohio, October 29, 2015 – The Goodyear Tire & Rubber Company today reported record results for the third quarter of 2015. 

"We delivered outstanding earnings growth in the quarter and segment operating margin of more than 14 percent, overcoming macroeconomic challenges in some of our key international markets," said Richard J. Kramer, chairman and chief executive officer. "Our strong momentum in North America continues. The business grew its segment operating margin to more than 16 percent and achieved a 54 percent year­ over year increase in earnings driven by strong demand for our high­value­added products," he said.

Kramer added, "Our third quarter results demonstrate continued sustainable earnings growth and our sharp focus on disciplined execution of our strategy in both strong and challenging markets. With our strong year­to­date performance, we now see full­year segment operating income tracking to $2 billion, which would be more than double what we achieved just five years ago." 

Goodyear's third quarter 2015 sales were $4.2 billion, down from $4.7 billion a year ago, with the decrease largely attributable to unfavorable foreign currency translation of $430 million. Tire unit volumes totaled 42.5 million for the third quarter of 2015, up 1 percent from last year.

Original equipment unit volume was up 4 percent. Replacement tire shipments were flat. The company reported third quarter segment operating income of $599 million in 2015, up 15 percent from a year ago and a record for any quarter. The increase was driven by favorable price/mix net of raw materials, partially offset by unfavorable foreign currency translation.