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- Goodyear Tire & Rubber Co GT reported third-quarter FY21 sales growth of 42% year-on-year, to $4.93 billion, beating the analyst consensus of $4.75 billion.
- Cooper Tire merger, improvements in price/mix, increased sales from other tire-related businesses, and higher volume drove the growth.
- Sales in the Americas rose 62.7% Y/Y, Europe, Middle East & Africa increased 20.8%, and the Asia Pacific grew 17.3%.
- Adjusted EPS of $0.72 beat the analyst consensus of $0.29.
- Selling, general and administrative expenses increased 30.9%. The segment operating margin was 7.5%, and segment operating income for the quarter rose 129.6% to $372 million.
- The company held $1.2 billion in cash and equivalents as of September 30, 2021.
- "With the transportation industry moving record freight volume, we also saw robust demand from our largest commercial customers," said CEO Richard J. Kramer.
- Price Action: GT shares are trading higher by 12.1% at $24.05 on the last check Friday.
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