Goodyear returned to profitability

In 2024, Goodyear earned a net profit of $70 million, while a year earlier, a loss of $689 million was recorded. Sales were $18.9 billion (20 billion in 2023), and the company sold 166.6 million tires over the year.

As noted by Goodyear, the increase in profit was due, among other things, to the implementation of the Goodyear Forward business restructuring plan, which increased the company's operating profit to $480 million last year. The plan was launched in 2022, and it is expected that due to cost savings, it will allow the company to increase its annual profits by $1.5 billion.

"If we talk about my first year at Goodyear, I'm pleased with the progress we've made," said Mark Stewart, the company's CEO and president. "We've exceeded our goals under the Goodyear Forward strategy, raised our expectations for 2025, improved profitability and operating margins across all our business units, and reached agreements to sell non-core assets."

Recently, Goodyear sold its OTR tire business to Yokohama for $905 million, and Sumitomo will acquire the rights to the Dunlop brand for approximately $700 million. The deal with Sumitomo is expected to be closed by mid-2025.

In the EMEA region (Europe, Middle East, and Africa), Goodyear's sales in the past year were 48.9 million tires (49.9 million in the previous year). In the fourth quarter, the company was able to improve its performance, in particular, due to good demand for winter tires in the replacement market, while sales in the OE sector decreased by 1.6% in physical terms. Operating profit in the last quarter of the year increased from $6 to $42 million due to the implementation of the Goodyear Forward plan and the restoration of production at the plant in Dębica (Poland) after a fire.