Cooper Helps Bolster Goodyear's Sales, Income Gains

Aug. 5, 2022

Goodyear Tire & Rubber Co. credits its integration of Cooper Tire & Rubber Co., price/mix improvements and other factors with helping it achieve a 35% year-over-year sales increase during the first half of 2022.

Goodyear also posted segment operating income of $667 million during the first six months of 2022, up $142 million from one year ago.

The Akron, Ohio-based tiremaker's second quarter sales totaled $5.2 billion, up 31% from the same period in 2021. "The increase was driven by the Cooper Tire merger, improvements in price/mix, higher volume and increased sales from other tire-related businesses," Goodyear officials noted in the company's second quarter financial disclosure.

Goodyear finalized its acquisition of Cooper in June 2021.

Goodyear's second quarter tire unit volumes totaled 45.6 million, up 21% from the second quarter of 2021. (For the first half of the year, Goodyear's unit volume totaled 90.6 million tires, a 25% increase from the first six months of 2021.)

The company posted segment operating income of $364 million during 2Q 2022, up significantly from 2Q 2021.

In its Americas region, Goodyear achieved net sales of $3.1 billion during the second quarter of 2022, nearly 40% higher than in 2021, "driven by the Cooper Tire merger" and other dynamics. 

"Tire unit volume increased 22%," say Goodyear officials.

"Replacement tire unit volume increased 24%, driven by the addition of Cooper Tire volume to the company's reported results. Original equipment volume increased almost 13%, reflecting an improvement in vehicle production."

Goodyear's second quarter 2022 segment operating income in the Americas totaled $293 million.