Goodyear’s net loss for the quarter was $34 million compared to a Goodyear net loss of $89 million a year ago.
The Goodyear Tire & Rubber Company recently reported third-quarter 2024 results, where sales were $4.8 billion, with tire unit volumes totaling 42.5 million. Third quarter 2024 Goodyear net loss was $34 million (12 cents per share) compared to a Goodyear net loss of $89 million (31 cents per share) a year ago, according to the company.
The third quarter of 2024 included, on a pre-tax basis, an intangible asset impairment of $125 million, Goodyear Forward costs of $25 million and rationalization charges of $11 million, the manufacturer said. The third quarter of 2023 included pre-tax rationalization charges of $198 million. The intangible asset impairment includes a significant reduction in the carrying value of the company’s tier three Mastercraft and Roadmaster brands given lower volume as a result of increased competition in opening price points in the U.S. market and plans under Goodyear Forward to increase overall profitability. Goodyear Forward costs are comprised of advisory, legal and consulting fees and costs associated with planned asset sales, Goodyear said.
Third quarter 2024 adjusted net income was $105 million compared to adjusted net income of $104 million in the prior year’s quarter, according to Goodyear. Adjusted earnings per share was $0.37, compared to $0.36 in the prior year’s quarter. Per share amounts are diluted.
The company reported segment operating income of $347 million in the third quarter of 2024, up $11 million from a year ago. The increase in segment operating income reflects benefits of $123 million from the Goodyear Forward transformation plan and $17 million from insurance proceeds, net of current year expenses, primarily related to storm damage in prior years, Goodyear said. These were partly offset by the impact of lower tire volume of $74 million and inflation of $53 million.
