- Goodyear Tire & Rubber Co (NASDAQ:GT) reported second-quarter FY22 sales growth of 31% year-on-year to $5.21 billion, beating the consensus of $4.98 billion.
- The increase was driven by the Cooper Tire merger, improvements in price/mix, higher volume, and increased sales from other tire-related businesses.
- Tire unit volumes totaled 45.6 million, up 21% from a year ago.
- Sales in the Americas rose 40% Y/Y, Europe, Middle East & Africa increased 22%, and the Asia Pacific grew 15%.
- Adjusted EPS of $0.46 beat the analyst consensus of $0.34.
- Selling, general and administrative expenses increased by 9%. The segment operating margin was 7%, and segment operating income for the quarter rose 21.7% to $364 million.
- The company held $1.3 billion in cash and equivalents as of June 30, 2022.
- During the quarter, the company approved a plan related to integrating Cooper Tire, resulting in approximately 490 job reductions.
- Price Action: GT shares are trading higher by 4.38% at $13.12 in premarket on the last check Friday.
- Photo Via Company
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