Goodyear Posts First Quarter Sales, Income Gains
Goodyear Tire & Rubber Co.'s first quarter 2022 sales totaled $4.9 billion, up 40% from one year ago. Company officials credit "the addition of Cooper Tire and the benefit of strong pricing actions" for the increase.
Goodyear's 1Q 2022 tire unit volume totaled 45 million, up 29% year-over-year.
Replacement and original equipment volume increased 35% and 9%, respectively, "reflecting the addition of Cooper Tire unit volume."
The Akron, Ohio-based tiremaker's first quarter segment operating income totaled $303 million, up $77 million from the same period in 2021.
In the Americas, Goodyear achieved 1Q 2022 sales of $2.9 billion and operating income of $102 million, driven, in part, by the acquisition of Cooper Tire & Rubber Co.
Goodyear finalized its acquisition of Cooper in June 2021.
"We delivered our highest first quarter revenue in 10 years, despite ongoing supply chain disruptions, impacts from geopolitical issues in Europe and increasing COVID-19 restrictions in China," says Rich Kramer, Goodyear's chairman, CEO and president.