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27.10.2017 13:45
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Goodyear Reports Third Quarter, First Nine Months 2017 Results
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PR Newswire
AKRON, Ohio, Oct. 27, 2017
AKRON, Ohio, Oct. 27, 2017 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today reported results for the third quarter and first nine months of 2017.
"During the third quarter, we saw a continuation of the challenging industry conditions we experienced in the second quarter including lower consumer replacement volumes, production cuts by automakers and an increase of more than 30 percent in our raw material input costs," said Richard J. Kramer, chairman, chief executive officer and president.
"Despite these headwinds, which we expect to moderate over the coming quarters, we continue to execute against our long-term strategy. We remain focused on the opportunities for driving profitable growth including our connected business model, which aligns all of our assets from our manufacturing plants to consumers who choose Goodyear online and at retail."
Goodyear's third quarter 2017 sales were $3.9 billion, up from $3.8 billion a year ago, with the increase largely attributable to improved price/mix, which drove revenue per tire up 5 percent over the 2016 quarter, excluding the impact of foreign currency translation.
Tire unit volumes totaled 39.8 million, down 5 percent from 2016. Replacement tire shipments were down 4 percent. Original equipment unit volume was down 9 percent.
Goodyear's third quarter 2017 net income was $129 million (50 cents per share), down from $317 million ($1.19 per share) in the year-ago quarter. Third quarter 2017 adjusted net income was $177 million (70 cents per share), down from $310 million ($1.17 per share) in 2016. Per share amounts are diluted.
The company reported third quarter segment operating income of $357 million in 2017, down from $556 million a year ago. The decrease reflects higher raw material costs and the impact of lower volume, which were partially offset by improved price/mix and net cost savings.
Year-to-Date Results
Goodyear's sales for the first nine months of 2017 were $11.3 billion, down 1 percent from the 2016 period, reflecting lower tire unit volume, partially offset by improved price/mix, which drove revenue per tire up 4 percent over the 2016 period, excluding the impact of foreign currency translation.
Tire unit volumes totaled 117.2 million, down 6 percent from 2016. Replacement tire shipments were down 5 percent due to increased competition. Original equipment unit volume was down 8 percent, driven by reduced auto production.
Goodyear's year-to-date net income of $442 million ($1.73 per share) is down from $703 million ($2.62 per share) in 2016's first nine months. Year-to-date adjusted net income was $543 million ($2.13 per share), down from $818 million ($3.05 per share) in 2016. Per share amounts are diluted.
The company reported first nine months segment operating income of $1.1 billion in 2017, down from $1.5 billion a year ago. The decrease was driven by higher raw material costs and the impact of lower volume, partially offset by improved price/mix and net cost savings.
Reconciliation of Non-GAAP Financial Measures
See the note at the end of this release for further explanation and reconciliation tables for Segment Operating Income and Margin; Adjusted Net Income; and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2017 and 2016 periods.
Business Segment Results
| Americas | ||||||||
| | | | | | ||||
| | Third Quarter | | Nine Months | | ||||
| (in millions) | 2017 | | 2016 | | 2017 | 2016 | | |
| Tire Units | 17.1 | | 18.6 | | 51.4 | 55.4 | | |
| Sales | $2,041 | | $2,070 | | $6,028 | $6,111 | | |
| Segment Operating Income | 189 | | 305 | | 616 | 856 | | |
| Segment Operating Margin | 9.3% | | 14.7% | | 10.2% | 14.0% | | |
Americas' third quarter 2017 sales decreased 1 percent from last year to $2.0 billion. Sales reflect an 8 percent decrease in tire unit volume, primarily in the consumer tire business. Replacement tire shipments were down 6 percent, due to increased competition and weak industry demand. Original equipment unit volume was down 11 percent, driven by reduced auto production in the United States. Third quarter revenue per tire increased 4 percent in 2017 compared to 2016, excluding the impact of foreign currency translation.
Third quarter 2017 segment operating income of $189 million was down from $305 million in the prior year. The decrease was driven by higher raw material costs and the impact of lower volume, partially offset by improved price/mix.
During the third quarter, several company-owned locations were directly impacted by hurricanes, which negatively impacted segment operating income by about $5 million.
| Europe, Middle East and Africa | ||||||||
| | | | | | ||||
| | Third Quarter | | Nine Months | | ||||
| (in millions) | 2017 | | 2016 | | 2017 | 2016 | | |
| Tire Units | 14.9 | | 15.4 | | 43.4 | 47.0 | | |
| Sales | $1,311 | | $1,236 | | $3,664 | $3,748 | | |
| Segment Operating Income | 87 | | 152 | | 262 | 380 | | |
| Segment Operating Margin | 6.6% | | 12.3% | | 7.2% | 10.1% | | |
Europe, Middle East and Africa's third quarter sales increased 6 percent from last year to $1.3 billion. Sales reflect improved price/mix and favorable foreign currency translation, partially offset by a 4 percent decrease in tire unit volume, primarily in the consumer OE tire business. Replacement tire shipments were down 1 percent. Original equipment unit volume was down 12 percent. Third quarter revenue per tire increased 5 percent in 2017 compared to 2016, excluding the impact of foreign currency translation.
Third quarter 2017 segment operating income of $87 million was down from $152 million in the prior year, driven by higher raw material costs and the impact of lower volume, partially offset by improved price/mix and net cost savings.
| Asia Pacific | ||||||||
| | | | | | ||||
| | Third Quarter | | Nine Months | | ||||
| (in millions) | 2017 | | 2016 | | 2017 | 2016 | | |
| Tire Units | 7.8 | | 8.0 | | 22.4 | 22.6 | | |
| Sales | $569 | | $ 541 | | $1,614 | $1,558 | | |
| Segment Operating Income | 81 | | 99 Werbung Mehr Nachrichten zur Goodyear Aktie kostenlos abonnieren
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