July 24, 2024

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Goodyear records Q4 net income of US$63m | Automotive Industry News

Goodyear has posted fourth-quarter web money of US$63m, when revenue per tyre rose three{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade}.

“We delivered sturdy efficiency to finish a challenging yr,” reported Goodyear chairman, CEO and president, Richard Kramer.

“With a willpower to earn with our products and solutions in the marketplace and a relentless target on price tag and dollars, we finished the yr on a substantial notice.

“We have very good momentum as we enter 2021. Our industrial small business continues to outperform the industry, our shopper replacement small business is strengthening and we are commencing to see the added benefits of our robust shopper OE pipeline. I am assured we are positioned to capitalise on much better industry fundamentals in 2021.”

Goodyear’s fourth quarter 2020 income were being US$three.7bn, down 2{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} from a yr ago. The decline was driven by lessen quantity and unfavourable foreign forex translation. These components were being partly offset by enhancements in price/combine.

Tyre unit volumes totalled 37.7m, down five{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} from the prior year period. Industry need all through the quarter was afflicted by the ongoing financial disruption ensuing from the COVID-19 pandemic.

Substitution tyre shipments declined seven{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade}, reflecting the effects of lessen shopper need and actions taken to align European distribution. Authentic tools unit quantity elevated three{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade}, reflecting elevated market share in the Americas and EMEA.

Goodyear’s fourth quarter 2020 web money was US$63m compared to a web reduction of US$392m a yr ago. Fourth quarter 2020 altered web money was US$103m compared to altered web money of US$45m in 2019.

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Authentic supply: https://company.goodyear.com/en-US/media/information/goodyear-reviews-fourth-quarter-2020-results.html