Goodyear reports fourth quarter, full-year 2021 results

Goodyear reports fourth quarter, full-year 2021 results

12.02.2022: Net sales growth of 38% compared with the fourth quarter of 2020, 12% growth excluding the Cooper Tire transaction Fourth quarter Goodyear net income of $553 million; adjusted net income of $162 million


Net sales growth of 38% compared with the fourth quarter of 2020, 12% growth excluding the Cooper Tire transaction



Fourth quarter Goodyear net income of $553 million; adjusted net income of $162 million



Merger-adjusted segment operating income of $398 million, up 32% compared to the fourth quarter of 2020



Continued global market share growth during the quarter  



Price/mix exceeded raw materials during the quarter by more than $110 million; revenue per tire up 11%, excluding currency impact



Full-year cash flow from operating activities of $1.1 billion






The Goodyear Tire & Rubber Company today reported results for the fourth quarter and full year of 2021.




"We achieved our highest fourth quarter revenue in nearly 10 years as demand for our products remained strong and we captured higher selling prices,” said Richard J. Kramer, chairman, chief executive officer and president. “With the addition of Cooper Tire, our merger-adjusted segment operating income was significantly above last year and over 60% higher than fourth quarter 2019.”  



“Looking ahead, we expect inflationary pressures to persist over the next several quarters. We remain focused on executing strategies to capture value in the marketplace and managing our costs,” continued Kramer.



"We are pleased with the pace of our integration of Cooper Tire and we continue to make solid progress toward the increased synergy targets we shared in November," added Kramer. “I am confident we have positioned our business to deliver strong sales and earnings growth over the long-term.”                                                      



Goodyear's fourth quarter 2021 sales were $5.1 billion, up 38% from a year ago. The increase was driven by the Cooper Tire merger, improvements in price/mix, increased sales from other tire-related businesses and higher volume.



Tire unit volumes totaled 48.6 million, up 29% from the prior year's period. Replacement tire unit volume increased 39%, reflecting the addition of Cooper Tire unit volume and market share gains. Original equipment unit volume decreased 1%, reflecting lower vehicle production, which continued to be affected by shortages of components and materials, partially offset by market share gains in the legacy Goodyear business.



Goodyear's fourth quarter 2021 net income was $553 million ($1.93 per share) compared to net income of $63 million (27 cents per share) a year ago. There were several significant items in the period, including a non-cash net benefit of $379 million related to discrete income tax items, driven by a $325 million reduction in valuation allowances on certain U.S. deferred tax assets for foreign tax credits. The reduced valuation allowance reflected the benefit of Cooper Tire U.S. income and synergies, as well as tax planning actions.



Other significant items included, on a pre-tax basis, a gain of $20 million related to a tariff-rate change, an insurance recovery of $10 million, net gains of $10 million associated with asset sales, pension settlement charges of $13 million and rationalization charges of $12 million.



Fourth quarter 2021 adjusted net income was $162 million (57 cents per share) compared to adjusted net income of $103 million (44 cents per share) in the prior year's quarter. Per share amounts are diluted.



The company reported segment operating income of $391 million in the fourth quarter of 2021, up $89 million from a year ago. The company also reported merger-adjusted segment operating income of $398 million, which excludes incremental amortization of Cooper Tire intangible assets. The increase in segment operating income primarily reflects improvements in price/mix, the Cooper Tire merger and impacts of higher volume, including increased factory utilization.



 These factors were partially offset by higher raw material costs, inflationary cost pressures in wages, benefits, transportation and energy, and increased U.S. manufacturing costs related to higher employee turnover. The reported results include Cooper Tire operating income of $149 million, which includes $7 million of incremental amortization of Cooper Tire intangible assets.





Full-Year Results




Goodyear's 2021 net sales were $17.5 billion, a 42% increase from the 2020 period, primarily due to the Cooper Tire merger, higher volume, improvements in price/mix and increased sales from other tire-related businesses.



Tire unit volumes totaled 169.3 million, up 34% from 2020. Replacement tire shipments increased 41%. This growth included additional tire unit volume related to the Cooper Tire merger, which closed on June 7, 2021, the benefit of stronger industry demand and improved market share. Original equipment volume increased 13%, driven by higher global vehicle production in the second quarter and market share gains.



Goodyear's 2021 net income was $764 million ($2.89 per share) compared to a net loss of $1.3 billion ($5.35 per share) in the prior year's period. The period included several significant items. Among these were a non-cash net benefit of $409 million related to discrete income tax adjustments, driven by a $325 million reduction in valuation allowances on certain U.S. deferred tax assets for foreign tax credits.


Other significant items included, on a pre-tax basis, a $114 million benefit related to a Brazilian Supreme Court ruling with respect to indirect taxes, a gain of $20 million related to a tariff-rate change, net gains of $20 million associated with asset sales, an insurance recovery of $10 million, amortization of Cooper Tire inventory step-up adjustments of $110 million and transaction and other costs of $56 million (both in connection with the Cooper Tire merger), rationalization charges of $93 million, an estimated negative impact of $54 million related to a severe winter storm in the U.S., and pension settlement charges of $43 million.



Goodyear's 2020 net income included a non-cash charge of $295 million related to a valuation allowance on certain deferred tax assets for foreign tax credits and, on a pre-tax basis, a non-cash impairment charge of $182 million to reduce the carrying value of goodwill in the Europe, Middle East and Africa business, a non-cash asset impairment charge of $148 million to reduce the carrying value of an equity interest in TireHub, and rationalization charges of $159 million, primarily associated with the closure of a manufacturing facility in Gadsden, Alabama.



Full-year 2021 adjusted net income was $553 million ($2.09 per share), compared to an adjusted net loss of $448 million ($1.91 per share) in 2020. Per share amounts are diluted.



The company reported segment operating income of $1.3 billion in 2021, up $1.3 billion from a year ago. The company also reported merger-adjusted segment operating income of $1.4 billion, which excludes certain costs triggered by the Cooper Tire merger.


The increase in segment operating income primarily reflects improvements in price/mix, the impacts of higher volume, including increased factory utilization, the Cooper Tire merger, higher earnings from other tire-related businesses, and the benefits of cost saving actions.


These factors were partially offset by higher raw material costs, the nonrecurrence of benefits related to temporary cost reductions during last year's pandemic shutdown, inflationary cost pressures in wages, benefits, transportation and energy, and increased U.S. manufacturing costs related to higher employee turnover. Segment operating income also benefited from $69 million related to a Brazilian Supreme Court ruling with respect to indirect taxes.



This benefit was partly offset by the adverse effects of a severe winter storm in the U.S., which are estimated at $42 million. The reported results include Cooper Tire operating income of $181 million, which includes $110 million of amortization of Cooper Tire inventory step-up adjustments, $18 million incremental amortization of Cooper Tire intangible assets and $6 million of other transaction-related items.





Reconciliation of Non-GAAP Financial Measures


See the note at the end of this release for further explanation and reconciliation tables for Total Segment Operating Income (Loss) and Margin; Merger-Adjusted Segment Operating Income (Loss) and Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings (Loss) per Share, reflecting the impact of certain significant items on the 2021 and 2020 periods.





Business Segment Results




Americas


      Fourth Quarter     Twelve Months (in millions)     2021     2020     2021     2020


Tire Units     25.5     17.5     85.9     56.7
Net Sales     $3,041     $1,926     $10,051     $6,556
Segment Operating Income      308     190     914     9
Segment Operating Margin     10.1%     9.9%     9.1%     0.1%

 


Americas' fourth quarter 2021 sales of $3.0 billion were 58% higher than in 2020, driven by the Cooper Tire merger, improvements in price/mix, and increased sales from other tire-related businesses. Tire unit volume increased 45%. Replacement tire unit volume increased 58%.



Excluding the impact of Cooper Tire, U.S. consumer replacement volume increased 3%. Original equipment unit volume decreased 6%, reflecting lower vehicle production, which continued to be affected by shortages of components and materials, partially offset by market share gains in the legacy Goodyear business.



Fourth quarter 2021 segment operating income of $308 million was up $118 million from the prior year's quarter. The increase was driven by improvements in price/mix and the Cooper Tire merger.



These factors were partially offset by higher raw material costs, inflationary cost pressures in wages, benefits, transportation and energy, and temporary labor inefficiencies in the U.S. given increased staffing and training. The reported results include Cooper Tire operating income of $135 million, which includes incremental amortization of Cooper Tire intangible assets of $7 million.






Europe, Middle East and Africa

      Fourth Quarter     Twelve Months (in millions)     2021     2020     2021     2020


Tire Units     13.8     12.4     52.7     44.5
Net Sales      $1,385     $1,193     $5,243     $4,020
Segment Operating Income (Loss)     41     69     239     (72)
Segment Operating Margin     3.0%     5.8%     4.6%     (1.8)%

 




Europe, Middle East and Africa's fourth quarter 2021 sales increased 16% from last year to $1.4 billion, primarily due to improvements in price/mix and the Cooper Tire merger. Tire unit volume increased 11%. Replacement tire unit volume rose 24%.



Excluding the impact of the Cooper Tire merger, European consumer replacement volume increased 22%, driven by market share gains. Original equipment unit volume decreased 22%, reflecting lower vehicle production, which continued to be affected by shortages of components and materials, partially offset by market share gains.



Fourth quarter 2021 segment operating income of $41 million was down $28 million from the prior year's quarter, driven by higher raw material costs and inflationary cost pressures in wages, benefits, transportation and energy. These factors were partially offset by improvements in price/mix and the impact of higher volume, including increased factory utilization.






Asia Pacific

      Fourth Quarter     Twelve Months (in millions)     2021     2020     2021     2020



Tire Units     9.3     7.8     30.7     24.8
Net Sales     $628     $537     $2,184     $1,745
Segment Operating Income      42     43     135     49
Segment Operating Margin     6.7%     8.0%     6.2%     2.8%

 



Asia Pacific's fourth quarter 2021 sales increased 17% to $628 million, driven by the Cooper Tire merger, improvements in price/mix, and higher volume. Tire unit volume increased 20%, driven by the addition of Cooper Tire's units. Replacement tire unit volume increased 12%. Original equipment unit volume increased 36%.



Fourth quarter 2021 segment operating income of $42 million was down $1 million from the prior year's quarter, driven by higher raw material and other costs, mostly offset by improvements in price/mix, the Cooper Tire merger and higher volume.




Cooper Tire




On June 7, Goodyear completed its announced Cooper Tire transaction. The company's fourth quarter and full-year results incorporate the operating results of Cooper Tire since June 7. Cooper Tire sales during these periods totaled $963 million and $2.1 billion, respectively. Inventory and other assets of Cooper Tire were recorded based on their fair value on June 7 and the cost of goods sold of tires sold after that date in the second and third quarters reflect the "step-up" to fair value. Merger-adjusted segment operating income excludes the impact of this "step-up" and certain other costs triggered by the combination, which totaled $134 million for 2021, including $7 million in the fourth quarter.




The company continues to expect substantial financial benefits from the merger, including $250 million of run-rate synergies by mid-2023, excluding one-time transaction costs and accounting adjustments. The majority of the cost synergies will be related to manufacturing efficiencies, revenue growth opportunities, and developing efficient combined support organizations. Approximately $29 million of these run-rate benefits have been attained as of Dec. 31, 2021. In addition, the combination is expected to generate net present value of $450 million or more by utilizing Goodyear’s available U.S. tax attributes. These tax attributes are expected to reduce the company’s cash tax payments, positioning it to generate additional free cash flow.




Conference Call




Goodyear will hold an investor conference call at 9 a.m. EST today. Prior to the commencement of the call, the company will post the financial and other related information that will be presented on its investor relations website: http://investor.goodyear.com.



Participating in the conference call will be Richard J. Kramer, chairman, chief executive officer and president; Darren R. Wells, executive vice president and chief financial officer; and Christina L. Zamarro, vice president, finance and treasurer.



Investors, members of the media and other interested persons can access the conference call on the website or via telephone by calling either (800) 895-3367 or (785) 424-1061 before 8:55 a.m. EST and providing the Conference ID "Goodyear." A taped replay will be available by calling (888) 225-1539 or (402) 220-4972. The replay will also remain available on the website.





Certain information contained in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to achieve the expected benefits of the Cooper Tire & Rubber Company acquisition; the impact on us of the COVID-19 pandemic; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; changes in tariffs, trade agreements or trade restrictions; our ability to implement successfully our strategic initiatives; actions and initiatives taken by both current and potential competitors; deteriorating economic conditions or an inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; work stoppages, financial difficulties, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; foreign currency translation and transaction risks; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.



-Goodyear also photo

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12.02.2022 / MaP

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