U.S. tire giant Goodyear loses profit
Goodyear, the American tire manufacturer, announced on the 25th that it returned to profitability in the first quarter of this year, driven by its focus on high-value products and robust performance in international markets. The company reported a net profit of $147 million, or 60 cents per share, compared to a loss of $174 million, or 96 cents per share, during the same period last year. Total sales for the quarter rose to $4.94 billion, up from $4.5 billion in the previous year's first quarter.
When excluding one-time items, Goodyear’s earnings per share reached 67 cents, surpassing analyst expectations of 47 cents. This strong performance led to a rise in Goodyear's stock price on the New York Stock Exchange on the 25th. The company attributed its improved results to higher pricing and a better product mix.
Notably, Goodyear saw significant growth in key international markets. Sales in Europe, the Middle East, and Africa increased by 16%, while Latin America recorded a 29% rise in sales. The Asia-Pacific region also saw a 21% growth. Currently, 60% of Goodyear’s revenue comes from outside North America.
Despite the positive results, Goodyear noted a decline in the North American market, where tire sales fell by 1% in the first quarter. However, the region still managed to generate an operating profit, which was an improvement over the operating loss seen in the same period last year. In response to weaker demand, the company plans to reduce inventory levels and cut production in North America.
This strategic shift highlights Goodyear’s efforts to balance regional performance and maintain long-term profitability. With continued investment in innovation and global expansion, the company is positioning itself for sustained success in a competitive industry.
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