Goodyear Announces First Quarter Results for Asia Pacific

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.

Posted by Richard Wilson on 22 May 2020

About the author

Richard Wilson

Richard Wilson is a correspondent for The Tyreman. Since 2015, Richard has worked as a correspondent for all of the titles across the Valebridge Publications Ltd Group namely: Retreading Business, Tyre & Rubber Recycling, Commercial Tyre Business and Truck and Bus News. Richard has worked on/off from the age of 16 for the company and whilst gaining a Bachelor's Degree in Spanish and Business Studies at Coventry University, he developed his writing skills at the University paper and more recently writing his own independent blog.

Contact: richardjwilson@btconnect.com

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