Goodyear has announced it’s first quarter results for Asia Pacific with its 2020 sales decreasing by 23% to $0.4 billion, primarily due to lower volume.
Goodyear Reveals Q1 Results for Asia Pacific
The tyre manufacturer also revealed that tyre unit volume declined by 24% with original equipment unit volume declining by 34%, driven by declines in China and India, primarily reflecting lower industry demand resulting from the COVID-19 pandemic. On top of this, replacement tyre shipments decreased 17%, driven by lower industry demand in the aforementioned Chinese and Indian markets.
Additionally, Goodyear has reported that first quarter 2020 segment operating income was $6 million, compared to $47 million last year. The decline is reflecting the lower volume and reduced price/mix, partially offset by favorable raw material costs.
The company finally noted that operating conditions are gradually strengthening in China, with nearly all of its major distributor and retail customers able to serve customers and with light vehicle sales steadily improving.