June 22, 2024

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Goodyear posts Q1 net loss of US$619m | Automotive Industry News

Goodyear has posted a initial-quarter 2020 internet loss of US$619m compared to US$61m a year back, though Q1 gross sales were being down 15{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} to US$3.1bn.

“Our initial quarter final results were being affected substantially by the sharp declines in need in the wake of the COVID-19 pandemic,” explained Goodyear chairman, CEO and president, Richard Kramer.

“We are having required measures to guarantee the overall health and basic safety of our associates and to safeguard our business enterprise, though continuing to serve our customers and assist necessary expert services. While this unparalleled disaster continues to disrupt our business enterprise and the broader automotive sector, I am self-confident we will emerge from this disaster in a robust placement.

“We have taken swift actions to aggressively reduce expenditures and financial commitment concentrations, though at the very same time continuing to target on our strategic priorities.”

Exhibit the press launch

https://corporate.goodyear.com/en-US/media/information/goodyear-stories-initial-quarter-2020-final results.html

Original supply: https://corporate.goodyear.com/en-US/media/information/goodyear-stories-initial-quarter-2020-final results.html