Goodyear Q1 Earnings Beat Estimates Aided By Cooper Tire, Pricing Actions

Goodyear Tire & Rubber Co GT reported first-quarter FY22 net sales growth of 39.8% year-on-year to $4.91 billion, beating the consensus of $4.65 billion.
Cooper Tire merger, improvements in price/mix, higher volume, and increased sales from other tire-related businesses drove the growth.
Sales in the Americas rose 63% Y/Y, Europe, Middle East & Africa increased 15.8%, and the Asia Pacific grew 15%.
Tire unit volumes totaled 45.0 million, up 29% from the prior year.
Adjusted EPS of $0.37 beat the analyst consensus of $0.21.
Selling, general and administrative expenses increased by 22%. The segment operating margin was 6.2%, and segment operating income for the quarter rose 34.1% to $303 million.
The company held $1.1 billion in cash and equivalents as of March 31, 2022.
"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," said Richard J. Kramer, chairman, chief executive officer and president.
Price Action: GT shares are trading lower by 5.07% at $12.91 on the last check Friday.