From Financial Modeling Prep: 2024-11-05 08:56:00

Goodyear Tire & Rubber (NASDAQ:GT) exceeded Q3 earnings expectations, reporting $0.37 per share compared to the expected $0.22. Revenue was slightly lower at $4.82 billion. The company saw a net loss of $34 million, a significant improvement from last year’s $89 million loss. Segment operating income rose to $347 million.

CEO Mark Stewart credited Goodyear’s margin expansion to the successful execution of their transformation plan. The company’s segment operating margin increased to 7.2%, up 70 basis points from last year. This marks the fourth consecutive quarter of improvement. Goodyear raised its gross run-rate gains target from the transformation plan to $1.5 billion by 2025.

The company aims for $450 million in benefits in 2024 from their transformation plan. Goodyear’s initial goal was $1.3 billion, but they have raised it to $1.5 billion by the end of 2025. The successful execution of their transformation plan has led to positive results and higher expectations for the future.



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