- Goodyear Tire & Rubber Co (NASDAQ: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.
