Goodyear, Tire Industry Rebounding After 2020
May 4, 2021—After the global tire industry was hit hard in 2020, one of its industry pillars reported strong signs of a rebound, Reuters reported.
Goodyear Tire reported its quarterly profit and revenue on Friday of $12 million. This is compared with a net loss of $619 million in the same quarter last year.
Net sales rose 14.9 percent to $3.51 billion, beating estimates of $3.40 billion. The company, whose brands include Kelly and Dunlop, said tire volumes rose 12 percent to 35 million units in the quarter, while replacement tire volumes jumped 14 percent.