Cooper Helped Drive Goodyear's 2021 Results
Goodyear Tire & Rubber Co. says its 2021 sales totaled $17.5 billion, a 42% increase from 2020, "primarily due to the Cooper Tire merger," higher volume and other factors.
The Akron, Ohio-based tiremaker's 2021 net income was $764 million versus a net loss of $1.3 billion during 2020.
Goodyear's fourth quarter 2021 net sales totaled $5.1 billion, up 38% from the fourth quarter of 2020. The firm's tire unit volume totaled 48.6 million, up 29% year-over-year.
In its Americas region, Goodyear achieved $3 billion in sales during the fourth quarter of 2021, 58% higher than in 2020, driven by its acquisition of Cooper, price-mix improvements "and increased sales from other tire-related businesses."
Goodyear's tire unit volume in the Americas rose by 45%.
"With the addition of Cooper Tire, our merger-adjusted segment operating income was significantly above last year and over 60% higher than the fourth quarter 2019," says Goodyear Chairman, CEO and President Rich Kramer.
Goodyear acquired Cooper Tire & Rubber Co. in June 2021.
"Looking ahead, we expect inflationary pressures to persist over the next several quarters," he adds. "We remain focused on executing strategies to capture value in the marketplace and managing our costs."
Kramer adds that Goodyear "is pleased with the pace of our integration of Cooper Tire and we continue to make solid progress toward increasing" synergy targets.
"I am confident that we have positioned our business to deliver strong sales and earnings growth over the long-term."