Loading...
•
Sep 30, 2024
Goodyear Q3 2024 Earnings Report
Goodyear's Q3 2024 earnings were announced, revealing a net loss but an increase in Goodyear Forward targets.
Key Takeaways
Goodyear reported a net loss of $34 million for Q3 2024, but adjusted net income was $105 million. The company increased its Goodyear Forward gross run-rate gains target to $1.5 billion by the end of 2025 and raised its 2024 Goodyear Forward gross benefits guidance to $450 million.
Goodyear reported a net loss of $34 million, or $0.12 per share, for the third quarter of 2024.
Adjusted net income for the third quarter was $105 million, or $0.37 per share.
Segment operating income was $347 million, with a margin of 7.2%, up approximately 70 bps year-over-year.
The company increased its target for gross run-rate gains from Goodyear Forward to $1.5 billion by the end of 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Goodyear has raised its guidance for 2024 Goodyear Forward gross benefits to $450 million and continues to expect an additional $750 million of year-over-year gross benefits in 2025. They remain confident they will achieve their 10% SOI margin and 2.0x – 2.5x leverage targets in the fourth quarter of next year.
Positive Outlook
- Consistent and strong execution of Goodyear Forward transformation plan.
- Delivering solid results throughout the company.
- Increasing target for gross run-rate gains from Goodyear Forward to $1.5 billion by the end of 2025.
- Raised guidance for 2024 Goodyear Forward gross benefits to $450 million.
- Continue to expect an additional $750 million of year-over-year gross benefits in 2025.
Challenges Ahead
- Ability to implement successfully the Goodyear Forward plan and our other strategic initiatives, including the sale of our off-the-road tire business
- Risks relating to the ability to consummate the sale of our off-the-road tire business on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy other conditions to closing
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...