fb-pixel-codeGoodyear Q1 2022 turned out to be really good: USD 4.9 billion revenue generated
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Goodyear Q1 2022 turned out to be really good: USD 4.9 billion revenue generated

    Posted by Sachit Bhat On 07-May-2022 06:11 AM

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Goodyear gains huge after merger with Cooper Tyres and they have generated a revenue of USD 4.9 billion which is their highest ever in 10 years. The Q1 2022 had shown great results for this company and they plan to continue to do so. goodyear

Goodyear, a global Tyre manufacturing company, has announced its net sales in Q1 2022 and as per the reported net sales they stand at USD 4.9 billion. This means they have recorded a huge gain of 40 percent from a year back. This increase though can be credited to Cooper Tyre merger, slight changes and improvements in prices, higher volume of production and increased sales from various other Tyre-related businesses. All this was announced in a media release by the company officials.

The unit volumes of Tyres amassed to 45.0 million which is also a huge rise reaching up to 29 percent compared to previous year. Gains were also reported in replacement and original equipment where-in the Tyre unit volume increased by 35 percent and 9 percent respectively. This was a huge reflection of their merger with Cooper Tyres.

The net income of Goodyear in Q1 2022 stands at a tall USD 96 million. The difference is huge as last year in Q1 of 2021 the net income was at USD 12 million. If we talk about the adjusted net income then prior this year in 2021, the adjusted net income stood at USD 102 million and this Q1 2022 the same is at USD 105 million.

Commenting on this achievement, Richard J. Kramer, Chairman, Chief Executive Officer and President, said, “We delivered our highest first-quarter revenue in 10 years despite ongoing supply chain disruptions, impacts from geopolitical issues in Europe and increasing COVID-19 restrictions in China.” goodyear

He went on to add that, “Moreover, with the addition of Cooper Tyre and the benefit of strong pricing actions across our key markets, our merger-adjusted segment operating income grew nearly 40 percent. I am extremely proud of our teams who continue to deliver excellent results in the face of our new challenges.”

Let’s check how they did in different markets globally:

**America **

The Q1 2022 sales from America was high by 63 percent than 2021 and the raise amassed to USD 2.9 billion, obviously driven by Cooper Tyre merger, slight changes and improvements in prices, higher volume of production and increased sales from various other Tyre-related businesses. Gains were also reported in replacement and original equipment where-in the Tyre unit volume increased by 55 percent and 44 percent respectively. Original equipment unit volume also saw a hike of 5 percent despite facing several issues in supply chain.

Europe, Middle East and Africa

The Q1 2022 sales from Europe, Middle East and Africa was high by 16 percent than 2021 and the raise amassed to USD 1.4 billion, driven by Cooper Tyre merger, slight changes and improvements in prices, higher volume of production and increased sales from various other Tyre-related businesses. Gains were also reported in replacement and original equipment where-in the Tyre unit volume increased by 22 percent and 14 percent respectively. Original equipment unit volume also saw a decline of 9 percent.

Asia Pacific

The Q1 2022 sales from Asia Pacific was high by 15 percent than 2021 and the raise amassed to USD 567 million, driven by Cooper Tyre merger, slight changes and improvements in prices, higher volume of production and increased sales from various other Tyre-related businesses. Gains were also reported in replacement and original equipment where-in the Tyre unit volume increased by 11 percent and 21 percent respectively. Original equipment unit volume also saw a hike of 42 percent despite facing several issues in supply chain.