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    Douglas Karson • Bank of America

    Douglas Karson's questions to Dana Inc (DAN) leadership

    Douglas Karson's questions to Dana Inc (DAN) leadership • Q1 2025

    Question

    Douglas Karson from Bank of America sought reconfirmation that balance sheet deleveraging and meaningful debt reduction remain primary goals, especially following the potential off-highway business sale. He also asked about the company's long-term leverage target.

    Answer

    SVP and CFO Timothy Kraus unequivocally confirmed that deleveraging is a key focus and reiterated the company's target of approximately 1x net leverage through the cycle. Chairman and CEO R. McDonald added that upon the completion of the off-highway sale, the company anticipates it will be required to tender for its bonds, facilitating the debt reduction process.

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    Douglas Karson's questions to Goodyear Tire & Rubber Co (GT) leadership

    Douglas Karson's questions to Goodyear Tire & Rubber Co (GT) leadership • Q4 2024

    Question

    Douglas Karson focused on the balance sheet, asking if Goodyear had engaged with rating agencies given the significant leverage reduction. He also questioned the risk profile of the increased $750M Goodyear Forward savings target, particularly the footprint optimization and purchasing categories.

    Answer

    An executive, likely CFO Christina Zamarro, confirmed regular discussions with rating agencies and expects more positive sentiment as deleveraging continues, especially post-Dunlop sale. CEO Mark Stewart expressed high confidence in achieving the $750M savings, citing a new global manufacturing structure, grassroots initiatives, and disciplined execution across plant optimization, purchasing, and SG&A, stating the process is now 'embedded in our DNA.'

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    Douglas Karson's questions to Goodyear Tire & Rubber Co (GT) leadership • Q3 2024

    Question

    Douglas Karson of Bank of America asked for details on the 'footprint and plant optimization' component of the Goodyear Forward plan, the reasoning behind the aggressive 2.0-2.5x net leverage target, and the company's view on market inventory levels.

    Answer

    CEO and President Mark Stewart detailed that plant optimization includes executed restructurings, plant closures like the one in Malaysia, and ongoing assessments of global capacity and modernization. Executive Vice President and CFO Christina Zamarro stated the low leverage target is driven by the interest rate environment, competitive parity, and the opportunity from asset sales. Both executives noted that EMEA channel inventory is down, while U.S. channels are heavy with low-end imports, but Goodyear's own inventory is healthy.

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