AKRON, Ohio, Oct. 25, 2019 /PRNewswire/ -- The Goodyear
Tire & Rubber Company (NASDAQ: GT) today reported results
for the third quarter of 2019.
"In the Americas, we saw continued strength in our U.S. consumer
replacement business and solid growth in Brazil, giving us positive momentum in these
important markets as we head into the final months of the year,"
said Richard J. Kramer, chairman,
chief executive officer and president. "Our Asia Pacific business
improved in the quarter as we benefitted from the launch of several
new OE fitments in China, which
helped mitigate the impact of lower auto production. This is a
testament to the strength of our technology and our success winning
fitments on the right platforms," he added.
"Industry conditions were softer than we anticipated in
Europe and we continued to see an
adverse impact from lack of alignment in our distribution channels.
In response, we expect to accelerate our plans to rationalize
distribution in the region. These actions, which will begin early
next year, should improve the focus on our brands and ensure that
we capture the full benefits of the investments we are making to
increase the supply of premium, high margin tires over the next few
years," said Kramer.
Goodyear's third quarter 2019 sales were $3.8 billion, down 3% from a year ago, driven by
unfavorable foreign currency translation and lower third-party
chemical sales.
Tire unit volumes totaled 40.3 million, down 1% from 2018.
Original equipment unit volume decreased 5%, driven by lower global
vehicle production. Replacement tire shipments increased 1%.
Goodyear's third quarter 2019 net income was $88 million (38
cents per share), down from $351
million ($1.48 per share) a
year ago. The decrease was driven by a $287
million net gain recorded during the third quarter of 2018
resulting from the company's TireHub transaction. Third quarter
2019 adjusted net income was $105
million (45 cents per share),
compared to $163 million
(68 cents per share) in 2018. Per
share amounts are diluted.
The company reported segment operating income of $294 million in 2019, down from $362 million a year ago. The decrease primarily
reflects increased raw material costs, the impacts of lower volume,
and the non-recurrence of a favorable indirect tax settlement in
Brazil. These factors were
partially offset by improved price/mix.
Year-to-Date Results
Goodyear's net sales for the first nine months of 2019 were
$11.0 billion, a 5% decrease from the
2018 period due to unfavorable foreign currency translation, lower
volume and lower third-party chemical sales. These factors were
partially offset by improved price/mix.
Tire unit volumes totaled 115.7 million, down 2% from 2018.
Original equipment volume decreased 8%, primarily due to lower
global vehicle production. Replacement tire shipments were
effectively unchanged.
Goodyear's net income for the first nine months of 2019 was
$81 million (35 cents per share), down from $583 million ($2.42
per share) in the prior year's period. The 2019 period included
several significant items, most notably $128
million in rationalization charges, primarily related to the
previously announced plan to modernize two tire manufacturing
facilities in Germany. Goodyear's
net income for the comparable period in 2018 included a
$273 million net gain resulting from
the company's TireHub transaction. Adjusted net income for the
first nine months was $208 million
(89 cents per share), compared
to $434 million ($1.80 per share) in the prior year's period. Per
share amounts are diluted.
The company reported segment operating income of $703 million for the first nine months of 2019,
down from $967 million a year ago.
The decrease primarily reflects higher raw material costs, lower
volume and reduced earnings from other tire-related businesses,
partially offset by improved price/mix.
Reconciliation of Non-GAAP Financial Measures
See the note at the end of this release for further explanation
and reconciliation tables for Segment Operating Income and Margin;
Adjusted Net Income; and Adjusted Diluted Earnings per Share,
reflecting the impact of certain significant items on the 2019 and
2018 periods.
Business Segment Results
Americas
|
Third
Quarter
|
|
Nine
Months
|
(in
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Tire Units
|
17.9
|
|
17.8
|
|
51.7
|
|
51.8
|
Sales
|
$ 2,049
|
|
$ 2,107
|
|
$ 5,896
|
|
$ 6,054
|
Segment Operating
Income
|
175
|
|
194
|
|
398
|
|
475
|
Segment Operating
Margin
|
8.5%
|
|
9.2%
|
|
6.8%
|
|
7.8%
|
Americas' third quarter 2019 sales of $2.0 billion were 3% lower than in the previous
year, driven by lower third-party chemical sales. Tire unit volume
rose 1%. Replacement tire shipments increased 3%, led by growth in
the U.S. and Brazil. Original
equipment unit volume declined 7%. The reduction was driven
by our U.S. business, reflecting lower vehicle production,
including the impact of a strike at a major OE customer, and
strategic fitment choices.
Third quarter 2019 segment operating income of $175 million was down 10% compared to the prior
year. The decline was more than explained by a favorable indirect
tax settlement in Brazil in
2018.
Europe, Middle East and Africa
|
Third
Quarter
|
|
Nine
Months
|
(in
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Tire Units
|
14.5
|
|
15.2
|
|
42.1
|
|
44.1
|
Sales
|
$ 1,205
|
|
$ 1,290
|
|
$ 3,567
|
|
$ 3,880
|
Segment Operating
Income
|
66
|
|
111
|
|
164
|
|
289
|
Segment Operating
Margin
|
5.5%
|
|
8.6%
|
|
4.6%
|
|
7.4%
|
Europe, Middle East and Africa's third quarter 2019 sales decreased 7%
from last year to $1.2 billion,
primarily attributable to lower volume and unfavorable foreign
currency translation, partially offset by improved
price/mix. Tire unit volume decreased 6%. Replacement tire
shipments fell 5%, reflecting decreased industry demand and
distribution challenges. Original equipment unit volume decreased
9%, attributable to lower vehicle production and strategic fitment
choices.
Third quarter 2019 segment operating income of $66 million was 41% lower than the prior year's
quarter, driven by higher conversion costs, including the impact of
lower factory utilization, and lower volume.
Asia Pacific
|
Third
Quarter
|
|
Nine
Months
|
(in
millions)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Tire Units
|
7.9
|
|
7.5
|
|
21.9
|
|
22.6
|
Sales
|
$
548
|
|
$
531
|
|
$ 1,569
|
|
$ 1,665
|
Segment Operating
Income
|
53
|
|
57
|
|
141
|
|
203
|
Segment Operating
Margin
|
9.7%
|
|
10.7%
|
|
9.0%
|
|
12.2%
|
Asia Pacific's third quarter
2019 sales increased 3% to $548
million, primarily reflecting higher volume and improved
price/mix, partially offset by unfavorable foreign currency
translation. Tire unit volume increased 5%, driven by growth in
China. Replacement tire shipments
increased 7%. Original equipment unit volume rose 2%.
Third quarter 2019 segment operating income of $53 million was down 7% from last year, driven by
higher conversion costs, reflecting lower factory utilization.
Common Stock Dividend
The company declared a quarterly dividend of 16 cents per share of common stock on
Oct. 7, 2019, payable on Dec. 2, 2019 to shareholders of record on
Nov. 1, 2019. The payout represents
an annual rate of 64 cents per
share.
Conference Call
Goodyear will hold an investor conference call at 9:30 a.m. 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; and Darren R.
Wells, executive vice president and chief financial
officer.
Investors, members of the media and other interested persons can
access the conference call on the website or via telephone by
calling either (800) 895-3361 or (785) 424-1062 before 9:30 a.m. and providing the Conference ID
"Goodyear." A taped replay will be available by calling (800)
839-5244 or (402) 220-2699. The replay will also remain available
on the website.
Goodyear is one of the world's largest tire companies. It
employs about 64,000 people and manufactures its products in 47
facilities in 21 countries around the world. Its two Innovation
Centers in Akron, Ohio, and
Colmar-Berg, Luxembourg, strive to
develop state-of-the-art products and services that set the
technology and performance standard for the industry. For more
information about Goodyear and its products, go to
www.goodyear.com/corporate. GT-FN
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 implement
successfully our strategic initiatives; actions and initiatives
taken by both current and potential competitors; increases in the
prices paid for raw materials and energy; a labor strike, work
stoppage or other similar event; foreign currency translation and
transaction risks; deteriorating economic conditions or an
inability to access capital markets; work stoppages, financial
difficulties or supply disruptions at our suppliers or customers;
the adequacy of our capital expenditures; 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.
(financial statements follow)
The Goodyear Tire
& Rubber Company and Subsidiaries
|
Consolidated
Statements of Operations (unaudited)
|
|
|
Three
Months
Ended
|
|
Nine
Months
Ended
|
|
September
30,
|
|
September
30,
|
(In millions,
except per share amounts)
|
2019
|
2018
|
|
2019
|
2018
|
|
|
|
|
|
|
NET
SALES
|
$
3,802
|
$
3,928
|
|
$
11,032
|
$
11,599
|
|
|
|
|
|
|
Cost of Goods
Sold
|
2,965
|
3,028
|
|
8,699
|
8,953
|
Selling,
Administrative and General Expense
|
572
|
553
|
|
1,705
|
1,732
|
Rationalizations
|
21
|
5
|
|
128
|
40
|
Interest
Expense
|
88
|
82
|
|
261
|
236
|
Other (Income)
Expense
|
35
|
(253)
|
|
74
|
(171)
|
|
|
|
|
|
|
Income before Income
Taxes
|
121
|
513
|
|
165
|
809
|
United States and
Foreign Tax Expense
|
31
|
159
|
|
63
|
211
|
|
|
|
|
|
|
Net Income
|
90
|
354
|
|
102
|
598
|
Less: Minority
Shareholders' Net Income
|
2
|
3
|
|
21
|
15
|
|
|
|
|
|
|
Goodyear Net
Income
|
$
88
|
$
351
|
|
$
81
|
$
583
|
|
|
|
|
|
|
Goodyear Net
Income
- Per Share of Common Stock
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.38
|
$
1.49
|
|
$
0.35
|
$
2.45
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding
|
233
|
236
|
|
233
|
238
|
|
|
|
|
|
|
Diluted
|
$
0.38
|
$
1.48
|
|
$
0.35
|
$
2.42
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding
|
234
|
238
|
|
234
|
241
|
|
|
|
|
|
|
Cash Dividends
Declared Per Common Share
|
$
0.16
|
$
0.14
|
|
$
0.48
|
$
0.42
|
|
|
|
|
|
|
The Goodyear Tire
& Rubber Company and Subsidiaries
|
Consolidated
Balance Sheets (unaudited)
|
|
(In millions,
except share data)
|
September
30,
|
December
31,
|
|
2019
|
2018
|
Assets:
|
|
|
Current
Assets:
|
|
|
Cash and Cash
Equivalents
|
$
868
|
$
801
|
Accounts
Receivable, less Allowance - $114 ($113 in 2018)
|
2,748
|
2,030
|
Inventories:
|
|
|
Raw Materials
|
546
|
569
|
Work in Process
|
155
|
152
|
Finished Products
|
2,264
|
2,135
|
|
2,965
|
2,856
|
Prepaid
Expenses and Other Current Assets
|
280
|
238
|
Total Current
Assets
|
6,861
|
5,925
|
Goodwill
|
550
|
569
|
Intangible
Assets
|
134
|
136
|
Deferred Income
Taxes
|
1,839
|
1,847
|
Other
Assets
|
1,055
|
1,136
|
Operating Lease
Right-of-Use Assets
|
828
|
--
|
Property, Plant and
Equipment,
less
Accumulated Depreciation - $10,457 ($10,161 in 2018)
|
7,032
|
7,259
|
Total Assets
|
$
18,299
|
$
16,872
|
|
|
|
Liabilities:
|
|
|
Current
Liabilities:
|
|
|
Accounts
Payable - Trade
|
$
2,651
|
$
2,920
|
Compensation
and Benefits
|
539
|
471
|
Other Current
Liabilities
|
690
|
737
|
Notes Payable
and Overdrafts
|
486
|
410
|
Operating
Lease Liabilities due Within One Year
|
197
|
--
|
Long Term Debt
and Finance Leases due Within One Year
|
610
|
243
|
Total Current Liabilities
|
5,173
|
4,781
|
Operating Lease
Liabilities
|
642
|
--
|
Long Term Debt and
Finance Leases
|
5,580
|
5,110
|
Compensation and
Benefits
|
1,244
|
1,345
|
Deferred Income
Taxes
|
91
|
95
|
Other Long Term
Liabilities
|
534
|
471
|
Total Liabilities
|
13,264
|
11,802
|
Commitments and
Contingent Liabilities
|
|
|
Shareholders'
Equity:
|
|
|
Common Stock, no par
value:
|
|
|
Authorized, 450 million
shares, Outstanding shares – 233 and 232 million in 2019
and 2018
|
233
|
232
|
Capital
Surplus
|
2,132
|
2,111
|
Retained
Earnings
|
6,543
|
6,597
|
Accumulated Other
Comprehensive Loss
|
(4,073)
|
(4,076)
|
Goodyear Shareholders' Equity
|
4,835
|
4,864
|
Minority
Shareholders' Equity – Nonredeemable
|
200
|
206
|
Total
Shareholders' Equity
|
5,035
|
5,070
|
Total
Liabilities and Shareholders' Equity
|
$
18,299
|
$
16,872
|
|
|
|
|
|
|
The Goodyear Tire
& Rubber Company and Subsidiaries
|
Consolidated
Statements of Cash Flows (unaudited)
|
|
(In
millions)
|
Nine Months
Ended
|
|
September
30,
|
|
2019
|
2018
|
Cash Flows from
Operating Activities:
|
|
|
Net
Income
|
$
102
|
$
598
|
Adjustments to
Reconcile Net Income to Cash Flows from Operating
Activities:
|
|
|
Depreciation and
Amortization
|
584
|
589
|
Amortization and Write-Off
of Debt Issuance Costs
|
12
|
11
|
Provision for Deferred
Income Taxes
|
(33)
|
59
|
Net Pension Curtailments and
Settlements
|
1
|
13
|
Net Rationalization
Charges
|
128
|
40
|
Rationalization
Payments
|
(46)
|
(151)
|
Net (Gains) Losses on Asset
Sales
|
(5)
|
(1)
|
Gain on TireHub Transaction,
Net of Transaction Costs
|
--
|
(273)
|
Operating Lease
Expense
|
221
|
--
|
Operating Lease
Payments
|
(201)
|
--
|
Pension Contributions and
Direct Payments
|
(51)
|
(56)
|
Changes in
Operating Assets and Liabilities, Net of Asset Acquisitions and
Dispositions:
|
|
|
Accounts
Receivable
|
(785)
|
(807)
|
Inventories
|
(166)
|
(254)
|
Accounts Payable -
Trade
|
(110)
|
235
|
Compensation and
Benefits
|
129
|
7
|
Other Current
Liabilities
|
16
|
(119)
|
Other Assets and
Liabilities
|
65
|
85
|
Total Cash Flows from
Operating Activities
|
(139)
|
(24)
|
Cash Flows from
Investing Activities:
|
|
|
Capital
Expenditures
|
(561)
|
(615)
|
Asset
Dispositions
|
2
|
2
|
Short Term
Securities Acquired
|
(73)
|
(61)
|
Short Term
Securities Redeemed
|
67
|
61
|
Notes
Receivable
|
(7)
|
(50)
|
Other
Transactions
|
(12)
|
(1)
|
Total Cash Flows from
Investing Activities
|
(584)
|
(664)
|
Cash Flows from
Financing Activities:
|
|
|
Short Term
Debt and Overdrafts Incurred
|
1,451
|
1,458
|
Short Term
Debt and Overdrafts Paid
|
(1,357)
|
(1,267)
|
Long Term Debt
Incurred
|
4,797
|
4,704
|
Long Term Debt
Paid
|
(3,941)
|
(3,992)
|
Common Stock
Issued
|
1
|
4
|
Common Stock
Repurchased
|
--
|
(200)
|
Common Stock
Dividends Paid
|
(111)
|
(100)
|
Transactions
with Minority Interests in Subsidiaries
|
(26)
|
(27)
|
Debt Related
Costs and Other Transactions
|
(25)
|
(3)
|
Total Cash Flows from
Financing Activities
|
789
|
577
|
Effect of Exchange
Rate Changes on Cash, Cash Equivalents and Restricted
Cash
|
(13)
|
(37)
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
53
|
(148)
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of the
Period
|
873
|
1,110
|
Cash, Cash
Equivalents and Restricted Cash at End of the Period
|
$
926
|
$
962
|
|
|
|
Non-GAAP Financial Measures (unaudited)
This earnings release presents Total Segment Operating Income
and Margin, Adjusted Net Income and Adjusted Diluted Earnings Per
Share (EPS), which are important financial measures for the company
but are not financial measures defined by U.S. GAAP, and should not
be construed as alternatives to corresponding financial measures
presented in accordance with U.S. GAAP.
Total Segment Operating Income is the sum of the individual
strategic business units' (SBUs') Segment Operating Income as
determined in accordance with U.S. GAAP. Total Segment Operating
Margin is Total Segment Operating Income divided by Net Sales as
determined in accordance with U.S. GAAP. Management believes that
Total Segment Operating Income and Margin are useful because they
represent the aggregate value of income created by the company's
SBUs and exclude items not directly related to the SBUs for
performance evaluation purposes. The most directly comparable
U.S. GAAP financial measure to Total Segment Operating Income is
Goodyear Net Income and to Total Segment Operating Margin is Return
on Sales (which is calculated by dividing Goodyear Net Income by
Net Sales).
Adjusted Net Income is Goodyear Net Income as determined in
accordance with U.S. GAAP adjusted for certain significant items.
Adjusted Diluted EPS is the company's Adjusted Net Income divided
by Weighted Average Shares Outstanding-Diluted as determined in
accordance with U.S. GAAP. Management believes that Adjusted Net
Income and Adjusted Diluted EPS are useful because they represent
how management reviews the operating results of the company
excluding the impacts of rationalizations, asset write-offs,
accelerated depreciation, asset sales and certain other significant
items.
It should be noted that other companies may calculate
similarly-titled non-GAAP financial measures differently and, as a
result, the measures presented herein may not be comparable to such
similarly-titled measures reported by other companies.
The company is unable to present a quantitative reconciliation
of its forward-looking non-GAAP financial measure, Total Segment
Operating Income, to the most directly comparable U.S. GAAP
financial measure, Goodyear Net Income, because management cannot
reliably predict all of the necessary components of Goodyear Net
Income without unreasonable effort. Goodyear Net Income includes
several significant items that are not included in Total Segment
Operating Income, such as rationalization charges, other (income)
expense, pension curtailments and settlements, and income taxes.
The decisions and events that typically lead to the recognition of
these and other similar non-GAAP adjustments, such as a decision to
exit part of the company's business, acquisitions and dispositions,
foreign currency exchange gains and losses, financing fees, actions
taken to manage the company's pension liabilities, and the
recording or release of tax valuation allowances, are inherently
unpredictable as to if or when they may occur. The inability to
provide a reconciliation is due to that unpredictability and the
related difficulty in assessing the potential financial impact of
the non-GAAP adjustments. For the same reasons, the company is
unable to address the probable significance of the unavailable
information, which could be material to the company's future
financial results.
See the tables below for reconciliations of historical Total
Segment Operating Income and Margin, Adjusted Net Income and
Adjusted Diluted EPS to the most directly comparable U.S. GAAP
financial measures.
Segment Operating
Income and Margin Reconciliation Table
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
September 30,
|
September 30,
|
|
|
|
(In
millions)
|
2019
|
2018
|
2019
|
2018
|
Total Segment
Operating Income
|
$294
|
$362
|
$703
|
$967
|
Rationalizations
|
21
|
5
|
128
|
40
|
Interest
Expense
|
88
|
82
|
261
|
236
|
Other (Income)
Expense
|
35
|
(253)
|
74
|
(171)
|
Asset
Write-offs and Accelerated Depreciation
|
1
|
--
|
2
|
2
|
Corporate
Incentive Compensation Plans
|
13
|
(1)
|
28
|
6
|
Retained
Expenses of Divested Operations
|
1
|
2
|
7
|
7
|
Other
|
14
|
14
|
38
|
38
|
Income before
Income Taxes
|
$121
|
$513
|
$165
|
$809
|
United States and
Foreign Taxes
|
31
|
159
|
63
|
211
|
Less: Minority
Shareholder's Net Income
|
2
|
3
|
21
|
15
|
Goodyear Net
Income
|
$88
|
$351
|
$81
|
$583
|
|
|
|
|
|
Sales
|
$3,802
|
$3,928
|
$11,032
|
$11,599
|
Return on
Sales
|
2.3%
|
8.9%
|
0.7%
|
5.0%
|
Total Segment
Operating Margin
|
7.7%
|
9.2%
|
6.4%
|
8.3%
|
Adjusted Net
Income and Adjusted Diluted Earnings per Share Reconciliation
Tables
|
|
Third Quarter
2019
|
Income
Before
Income
Taxes
|
Taxes
|
Minority
Interest
|
Goodyear
Net Income
|
Weighted
Average Shares
Outstanding-
Diluted
|
Diluted
EPS
|
(In millions,
except EPS)
|
|
|
|
|
|
|
As
Reported
|
$
121
|
$
31
|
$
2
|
$
88
|
234
|
$
0.38
|
Significant
Items:
|
|
|
|
|
|
|
Rationalizations, Asset Write-offs, and
Accelerated Depreciation
Charges
|
21
|
3
|
|
18
|
|
0.07
|
Beaumont, Texas Flood Effect
|
6
|
1
|
|
5
|
|
0.02
|
Indirect Tax Settlements and
Discrete
Tax Items
|
(1)
|
5
|
|
(6)
|
|
(0.02)
|
|
26
|
9
|
|
17
|
|
0.07
|
As
Adjusted
|
$
147
|
$
40
|
$
2
|
$
105
|
234
|
$
0.45
|
Third Quarter
2018
|
Income
Before
Income
Taxes
|
Taxes
|
Minority
Interest
|
Goodyear
Net Income
|
Weighted
Average Shares
Outstanding-
Diluted
|
Diluted
EPS
|
(In millions,
except EPS)
|
|
|
|
|
|
|
As
Reported
|
$
513
|
$
159
|
$
3
|
$
351
|
238
|
$
1.48
|
Significant
Items:
|
|
|
|
|
|
|
Indirect Tax Settlements and
Discrete
Tax Items
|
(22)
|
(36)
|
|
14
|
|
0.05
|
Pension Settlement
|
10
|
2
|
|
8
|
|
0.03
|
Rationalizations, Asset Write-Offs,
and
Accelerated Depreciation Charges
|
5
|
1
|
|
4
|
|
0.01
|
|
|
|
|
|
|
Legal Claims Related To Discontinued
Operations
|
4
|
1
|
|
3
|
|
0.01
|
Hurricane Effect
|
2
|
|
|
2
|
|
0.01
|
Gain on TireHub Transaction, Net of
Transaction Costs
|
(287)
|
(68)
|
|
(219)
|
|
(0.91)
|
|
|
|
|
|
|
|
(288)
|
(100)
|
|
(188)
|
|
(0.80)
|
As
Adjusted
|
$
225
|
$
59
|
$
3
|
$
163
|
238
|
$
0.68
|
First Nine Months
2019
|
Income
Before
Income
Taxes
|
Taxes
|
Minority
Interest
|
Goodyear
Net Income
|
Weighted
Average Shares
Outstanding-
Diluted
|
Diluted
EPS
|
(In millions,
except EPS)
|
|
|
|
|
|
|
As
Reported
|
$
165
|
$
63
|
$
21
|
$
81
|
234
|
$
0.35
|
Significant
Items:
|
|
|
|
|
|
|
Rationalizations, Asset Write-offs, and
Accelerated Depreciation
Charges
|
130
|
21
|
1
|
108
|
|
0.45
|
Indirect Tax Settlements and
Discrete
Tax Items
|
(6)
|
(8)
|
(16)
|
18
|
|
0.08
|
Beaumont, Texas Flood Effect
|
6
|
1
|
|
5
|
|
0.02
|
Legal Claims Related to Discontinued
Operations
|
5
|
1
|
|
4
|
|
0.02
|
Net Insurance Recovery from
Hurricanes
|
(4)
|
(1)
|
|
(3)
|
|
(0.01)
|
Asset Sales
|
(5)
|
|
|
(5)
|
|
(0.02)
|
|
126
|
14
|
(15)
|
127
|
|
0.54
|
As
Adjusted
|
$
291
|
$
77
|
$
6
|
$
208
|
234
|
$
0.89
|
First Nine Months
2018
|
Income
Before
Income
Taxes
|
Taxes
|
Minority
Interest
|
Goodyear
Net Income
|
Weighted
Average Shares
Outstanding-
Diluted
|
Diluted
EPS
|
(In millions,
except EPS)
|
|
|
|
|
|
|
As
Reported
|
$
809
|
$
211
|
$
15
|
$
583
|
241
|
$
2.42
|
Significant
Items:
|
|
|
|
|
|
|
Rationalizations, Asset Write-Offs, and
Accelerated
Depreciation Charges
|
42
|
11
|
|
31
|
|
0.13
|
Hurricane Effect
|
12
|
|
|
12
|
|
0.05
|
Pension Settlement
|
13
|
3
|
|
10
|
|
0.04
|
Pension Standard Change
|
9
|
2
|
|
7
|
|
0.03
|
Brazil Transportation Strike
|
7
|
2
|
|
5
|
|
0.02
|
Legal Claims Related to Discontinued
Operations
|
4
|
1
|
|
3
|
|
0.01
|
|
|
|
|
|
|
Insurance Recovery –
Discontinued
Products
|
(3)
|
(1)
|
|
(2)
|
|
(0.01)
|
Indirect Tax Settlements and
Discrete Tax
Items
|
(22)
|
(15)
|
|
(7)
|
|
(0.03)
|
Gain on TireHub Transaction, Net of
Transaction
Costs
|
(273)
|
(65)
|
|
(208)
|
|
(0.86)
|
|
(211)
|
(62)
|
|
(149)
|
|
(0.62)
|
As
Adjusted
|
$
598
|
$
149
|
$
15
|
$
434
|
241
|
$
1.80
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/goodyear-reports-third-quarter-2019-results-300945294.html
SOURCE The Goodyear Tire & Rubber Company