Cooper Tire Boosts Goodyear Sales and Income Gains

Goodyear Tire & Rubber Co. achieved a 35% year-over-year sales increase in the first half of 2022. The company credited this to its integration of Cooper Tire & Rubber Co., price/mix improvements and other factors.

During the first six months of the year, Goodyear posted an operating income of $667 million, up from $142 million one year ago. The tiremaker’s second quarter sales increased by 31%, totaling $5.2 billion.

“The increase was driven by the Cooper Tire merger, improvements in price/mix, higher volume, and increased sales from other tire-related businesses,” Goodyear officials noted in the company’s second-quarter financial disclosure.

Goodyear completed its acquisition of Cooper Tire in June 2021. It’s tire unit volumes in the second quarter increased by 21% to 45.6 million. It achieved 90.6 million tires in the first half of the year, boasting a 25% increase from the first six months of 2021.

During 2Q 2022, Goodyear posted a segment operating income of $364 million which is another significant increase from 2Q 2021. In the Americas, the company achieved net sales of $3.1 billion during the second quarter of 2022. This was nearly 40% higher than in 2021.

“Tire unit volume increased 22%,” say Goodyear officials.

“Replacement tire unit volume increased 24%, driven by the addition of Cooper tires to the company’s reported results. Original equipment volume increased almost 13%, reflecting an improvement in vehicle production.”

Goodyear’s 2Q 2022 segment operating income in the Americas reached $293 million.