The Goodyear Tire & Rubber Company reported full-year 2024 net income of $70 million, or $0.24 per share, with adjusted net income reaching $302 million, or $1.05 per share. For the fourth quarter of 2024, net income was $76 million, or $0.26 per share, and adjusted net income was $114 million, or $0.39 per share. Full-year sales totaled $18.9 billion, while fourth-quarter sales were $4.9 billion.
The company's full-year segment operating income increased by $350 million from the prior year to $1,318 million, reflecting $480 million in benefits from the Goodyear Forward transformation plan. This exceeded the plan's expectations for 2024. Goodyear reaffirmed its expanded Goodyear Forward targets, aiming for $1.5 billion in annual run-rate benefits, a 10% segment operating margin, and net leverage between 2.0x and 2.5x by the end of 2025.
Fourth-quarter segment operating income of $385 million included $195 million from the Goodyear Forward plan and $52 million from business interruption insurance proceeds. These benefits partially offset headwinds from unfavorable price/mix versus raw material costs of $149 million, lower tire volume of $42 million, and unabsorbed fixed costs of $39 million. The company also highlighted the successful closure of the OTR tire business sale and the anticipated mid-2025 closure of the Dunlop brand sale as key progress points.
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