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    GOODYEAR TIRE & RUBBER CO /OH/ (GT)

    Q2 2024 Earnings Summary

    Reported on Jan 7, 2025 (After Market Close)
    Pre-Earnings Price$9.84Last close (Aug 1, 2024)
    Post-Earnings Price$9.60Open (Aug 2, 2024)
    Price Change
    $-0.24(-2.44%)
    • Significant margin expansion and earnings growth: Goodyear achieved a segment operating income of $339 million and an SOI margin of 7.4%, almost tripling the margin from the second quarter of 2023 , demonstrating strong execution and operational efficiency.
    • Strong progress on Goodyear Forward initiatives: The company increased its full-year outlook for Goodyear Forward savings, reflecting great progress across each workstream , and remains confident in delivering its target of 10% SOI margins by the end of next year.
    • Remarkable gains in key regions: The Americas saw SOI increase by nearly $140 million from last year , while Asia Pacific delivered its third consecutive quarter of SOI margin above 10%, driven by volume growth in the consumer OE market, particularly in the EV segment.
    • Increased competition from low-end imports is negatively impacting Goodyear's market share, particularly in smaller rim sizes where imports have taken shelf space and liquidity from large distributors in the Americas.
    • Challenging industry environment with downgrades in OEM production levels and more challenging replacement markets, saturated by low-end imports, which Goodyear anticipates will continue through the second half of the year.
    • Declining volumes in Latin America following deliberate shifts in distribution and higher imports, indicating potential challenges in international markets.

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