Goodyear Tire & Rubber Company (1GT)
Summary
1GT Chart
Goodyear burning rubber and cash as turnaround plan continues
Goodyear has extended the timeline for its turnaround plan as the company tries to restructure its business, refinance and pay down years of debt and as key financial targets remain unmet. CEO Mark Stewart told CNBC the iconic tire manufacturer is trying to reach a 10% operating margin and generate meaningful cash flow.
Goodyear Q2 Earnings Miss Expectations on Volume Pressure
GT's Q2 loss widens as volume pressure weighs on results, while Asia Pacific gains and cash flow improvements offer support.
Goodyear Tire & Rubber Q2 Earnings Call Highlights
Goodyear Tire & Rubber NASDAQ: GT reported second-quarter sales of $4.3 billion, down about 5% from a year earlier, as lower tire volumes and the prior-year divestitures of its chemicals business and Dunlop brand outweighed price-and-mix improvements. Excluding those divestitures, sales declined about 1% organically.
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Goodyear Tire & Rubber Company Profile
| Automobile Components Industry | Consumer Discretionary Sector | Mark W. Stewart CEO | XMIL Exchange | US3825501014 ISIN |
| US Country | 63,000 Employees | 2 Mar 2020 Last Dividend | 5 May 1993 Last Split | - IPO Date |
Overview
The Goodyear Tire & Rubber Company is a leading entity in the tire manufacturing industry, boasting a rich history of innovation and service since its inception in 1898. Based in Akron, Ohio, Goodyear, along with its subsidiaries, engages in the development, production, distribution, and sale of tires and related products and services across global markets. The company's extensive product line caters to a wide range of vehicles, including automobiles, trucks, buses, aircraft, motorcycles, as well as various heavy equipment used in agriculture, mining, and industry. Besides its focus on tires, Goodyear extends its offerings to automotive repair services, retread products, chemical products, and more, ensuring a comprehensive solution for its customers. Operating around 950 retail outlets and various online platforms, Goodyear stands as a robust network ensuring accessibility and quality service to vehicle owners and businesses worldwide.
Products and Services
- Tires: Goodyear develops and manufactures high-quality tires for several vehicles and equipment types, including automobiles, trucks, buses, aircraft, motorcycles, earthmoving and mining equipment, farm implements, and industrial machinery. These tires are marketed under prominent brands such as Goodyear, Cooper, Dunlop, Kelly, Mastercraft, Roadmaster, Debica, Sava, Fulda, Mickey Thompson, Avon, and Remington. In addition to these, Goodyear also produces private-label brands, satisfying a diversified customer demographic.
- Retread Products: The company offers retreading services for truck, aviation, and off-the-road tires, encompassing the manufacture and sale of tread rubber and other essential materials for tire retreading. This service underlines Goodyear's commitment to sustainability and cost-effectiveness in tire maintenance and lifecycle extension.
- Chemical Products: Apart from tires and retreads, Goodyear ventures into the chemical market, selling products that complement its core offerings or have distinct applications in various industries, enhancing the company's portfolio diversity.
- Automotive and Commercial Repair Services: Goodyear operates a network of approximately 950 retail outlets offering repair and maintenance services for vehicles, thereby providing a holistic approach to vehicle care under one roof. This network supports sales and ensures that customers receive consistent and high-quality service.
- Online Sales and Services: Embracing the digital age, Goodyear facilitates the online sale of consumer and commercial tires through its websites - www.goodyear.com and www.goodyeartrucktires.com. The company also extends automotive maintenance and repair services via these platforms, underscoring its adaptability to evolving consumer behaviors and preferences.
