AKRON, Ohio, April 30, 2020 /PRNewswire/ -- The Goodyear
Tire & Rubber Company (NASDAQ: GT) today reported results for
the first quarter of 2020.
"Our first quarter results were affected significantly by the
sharp declines in demand in the wake of the COVID-19 pandemic,"
said Richard J. Kramer, chairman,
chief executive officer and president. "We are taking necessary
measures to ensure the health and safety of our associates and to
safeguard our business, while continuing to serve our customers and
support essential services," he added.
"While this unprecedented crisis continues to disrupt our
business and the broader automotive industry, I am confident we
will emerge from this crisis in a strong position," said Kramer.
"We have taken swift actions to aggressively reduce expenses and
investment levels, while at the same time continuing to focus on
our strategic priorities. I would like to thank all of our
associates for their hard work and dedication during this
challenging period to ensure we are well positioned when the
economy recovers," added Kramer.
Goodyear's first quarter 2020 sales were $3.1 billion, down 15% from a year ago. The
decline was driven by lower industry volume, which was
significantly impacted by the COVID-19 pandemic, and unfavorable
foreign currency translation. These factors were partially offset
by improvements in price/mix.
Tire unit volumes totaled 31.3 million, down 18% from the prior
year's period. Replacement tire shipments declined 16%, driven by a
severe contraction in industry demand following shelter-in-place
mandates and sharp declines in consumer confidence. Original
equipment unit volume decreased 21%, driven by declines in OE
demand after global auto manufacturers suspended vehicle production
in response to the rapid spread of COVID-19.
Goodyear's first quarter 2020 net loss was $619 million ($2.65
per share) compared to a net loss of $61
million (26 cents per share) a
year ago. The increase in net loss was driven by discrete tax
charges, a decline in segment operating income, and a non-cash
goodwill impairment charge, partially offset by lower
rationalization charges.
Discrete tax items include a charge of $295 million related to a valuation allowance on
certain deferred tax assets for foreign tax credits. The company
also recorded a non-cash impairment charge of $182 million to reduce the carrying value of
goodwill in its EMEA business unit as a result of weaker industry
conditions resulting from the ongoing COVID-19 pandemic.
First quarter 2020 adjusted net loss was $140 million (60
cents per share), compared to adjusted net income of
$45 million (19 cents per share) in 2019. Per share amounts
are diluted.
The company reported a segment operating loss of $47 million in the first quarter of 2020, down
$237 million from a year ago. The
decline primarily reflects lower volume and lower factory
utilization. Segment operating income includes an unfavorable
impact of approximately $65 million
due to lower factory utilization and other period costs related to
suspending production at its manufacturing facilities.
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 (Loss) and
Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings
(Loss) per Share, reflecting the impact of certain significant
items on the 2020 and 2019 periods.
Business Segment Results
Americas
|
First
Quarter
|
|
|
(in
millions)
|
2020
|
|
2019
|
|
|
|
|
Tire Units
|
14.5
|
|
16.7
|
|
|
|
|
Net Sales
|
$ 1,673
|
|
$ 1,876
|
|
|
|
|
Segment Operating
Income (Loss)
|
--
|
|
89
|
|
|
|
|
Segment Operating
Margin
|
--
|
|
4.7%
|
|
|
|
|
Americas' first quarter 2020 sales of $1.7 billion were 11% lower than in the previous
year, driven by lower volume and unfavorable foreign currency
translation, partially offset by improvements in price/mix. Tire
unit volume declined 13%. Replacement tire shipments decreased 14%,
driven by declines in the U.S. and Canada. Original equipment unit volume
declined 10%, reflecting lower vehicle production, including the
impact of the COVID-19 pandemic.
Americas' operating results for the first quarter of 2020 were
breakeven, an $89 million decrease
compared to the prior year. The decline was driven by lower volume
and lower factory utilization. These factors were partially offset
by improvements in price/mix and favorable raw material costs.
Europe, Middle East and Africa
|
First
Quarter
|
|
|
(in
millions)
|
2020
|
|
2019
|
|
|
|
|
Tire Units
|
11.6
|
|
14.4
|
|
|
|
|
Net Sales
|
$ 995
|
|
$ 1,221
|
|
|
|
|
Segment Operating
Income (Loss)
|
(53)
|
|
54
|
|
|
|
|
Segment Operating
Margin
|
(5.3)%
|
|
4.4%
|
|
|
|
|
Europe, Middle East and Africa's first quarter 2020 sales decreased
19% from last year to $1.0 billion,
primarily attributable to lower volume and unfavorable foreign
currency translation, partially offset by improvements in
price/mix. Tire unit volume decreased 20%. Replacement tire
shipments fell 18%, driven by decreased industry demand and the
planned impact of the company's initiative to align distribution in
Europe. Original equipment unit
volume decreased 23%, given lower vehicle production as a result of
COVID-19.
First quarter 2020 segment operating loss of $53 million was down $107
million from the prior year's quarter, driven by reduced
volume and higher conversion costs, including the impact of lower
factory utilization.
Asia Pacific
|
First
Quarter
|
|
|
(in
millions)
|
2020
|
|
2019
|
|
|
|
|
Tire Units
|
5.2
|
|
6.9
|
|
|
|
|
Net Sales
|
$
388
|
|
$ 501
|
|
|
|
|
Segment Operating
Income
|
6
|
|
47
|
|
|
|
|
Segment Operating
Margin
|
1.5%
|
|
9.4%
|
|
|
|
|
Asia Pacific's first quarter
2020 sales decreased 23% to $0.4
billion, primarily due to lower volume. Tire unit volume
declined 24%. Original equipment unit volume declined 34%, driven
by declines in China and
India, primarily reflecting lower
industry demand resulting from the COVID-19 pandemic. Replacement
tire shipments decreased 17%, driven by lower industry demand in
China and India.
First quarter 2020 segment operating income was $6 million, compared to $47 million last year. The decline reflects lower
volume and reduced price/mix, partially offset by favorable raw
material costs.
The company 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.
COVID-19 Impact on Production
Goodyear continues to evaluate its production plans around the
world in light of the COVID-19 pandemic. Most of the company's
manufacturing facilities in the Americas and Europe, as well as several of its tire plants
in Asia, were closed to protect
the safety and well-being of its associates and conserve cash.
The company plans a phased restart of production during the
second quarter, which began earlier this month with some of its
commercial truck tire facilities in the U.S. and Europe. The company expects the majority of
its manufacturing facilities to resume operations by the end of
May. Decisions regarding production will be based on an evaluation
of market demand signals, inventory and supply levels, as well as
the company's ability to safeguard the health of its
associates.
The company's plant in Pulandian, China is operating with 100% of its workforce,
but is not yet operating at full capacity. The facility is expected
to continue ramping up production during the second quarter.
Throughout the COVID-19 pandemic, Goodyear has prioritized the
health and well-being of its associates and the communities where
it operates. The company is implementing new protocols covering
employee screening and other protective measures recommended by the
Centers for Disease Control and Prevention to ensure the safety and
well-being of its associates as operations gradually
resume.
Operational Response Actions
The company previously announced that it is taking actions to
reduce operating costs and capital expenditures in response to the
COVID-19 pandemic. These initiatives follow the company's decision
to temporarily close its manufacturing facilities in the Americas
and Europe, which will reduce
conversion costs, reduce inventory levels and preserve cash.
The company expects 2020 capital expenditures to be no more than
$700 million. The company is also
implementing actions to reduce payroll costs through a combination
of furloughs, temporary salary reductions and salary deferrals
covering over 9,000 of its corporate and business unit associates,
including substantial salary reductions and deferrals for the
company's CEO, officers and directors.
In addition, the company is reducing discretionary spending,
including marketing and advertising expenditures. Together, these
actions will help to mitigate the financial impact of lower
industry demand as a result of COVID-19.
The company is also accelerating restructuring actions to
further improve its cost structure and position the company for
recovery. The company has recently reached a tentative bargaining
agreement to permanently close its Gadsden, Alabama manufacturing facility as
part of the company's strategy to strengthen the competitiveness of
its manufacturing footprint. The tentative bargaining agreement
remains subject to approval by the membership of the local union.
The company expects the closure will result in approximately
$130 million of annual savings in
2021 when compared with 2019.
Credit Facility Refinancing
On April 9, 2020, the company
refinanced its $2.0 billion
asset-based revolving credit facility. The refinancing
included extending the maturity to 2025 and favorable adjustments
to the borrowing base.
The covenants in the amended facility are substantially similar
to those in the prior facility, and do not include any financial
covenants unless the aggregate amount of cash and cash equivalents
of Goodyear and its guarantor subsidiaries and the availability
under the facility is less than $200
million.
As of March 31, 2020, and pro
forma for the refinancing, the company had total liquidity of
$3,598 million, including
$971 million of cash and cash
equivalents, compared to $3,543
million in total liquidity, including $860 million of cash at March 31, 2019.
Common Stock Dividend
As previously announced, the company has temporarily suspended
its quarterly dividend in light of the increased uncertainty
resulting from the COVID-19 pandemic. This action will preserve
approximately $37 million of cash on
a quarterly basis and provide added financial flexibility in the
near-term.
Conference Call
Goodyear will hold an investor conference call at 8:15 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 (877) 876-9173 or (785) 424-1667 before 8:00 a.m. and providing the Conference ID
"Goodyear." A taped replay will be available by calling (888)
274-8335 or (402) 220-2327. The replay will also remain available
on the website.
About Goodyear
Goodyear is one of the world's largest tire companies. It
employs about 63,000 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: the impact on us of the
COVID-19 pandemic; 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)
|
|
(In millions,
except per share amounts)
|
Three
Months
Ended
|
|
March
31,
|
|
2020
|
2019
|
|
|
|
NET
SALES
|
$
3,056
|
$
3,598
|
|
|
|
Cost of Goods
Sold
|
2,552
|
2,879
|
Selling,
Administrative and General Expense
|
581
|
547
|
Goodwill
Impairment
|
182
|
--
|
Rationalizations
|
9
|
103
|
Interest
Expense
|
73
|
85
|
Other (Income)
Expense
|
27
|
22
|
|
|
|
Income (Loss) before
Income Taxes
|
(368)
|
(38)
|
United States and
Foreign Tax Expense
|
249
|
6
|
|
|
|
Net Income
(Loss)
|
(617)
|
(44)
|
Less: Minority Shareholders' Net Income
|
2
|
17
|
|
|
|
Goodyear Net
Income (Loss)
|
$
(619)
|
$
(61)
|
|
|
|
Goodyear Net
Income (Loss)
- Per Share of Common Stock
|
|
|
|
|
|
Basic
|
$
(2.65)
|
$
(0.26)
|
|
|
|
Weighted
Average Shares Outstanding
|
234
|
232
|
|
|
|
Diluted
|
$
(2.65)
|
$
(0.26)
|
|
|
|
Weighted
Average Shares Outstanding
|
234
|
232
|
|
|
|
Cash Dividends
Declared Per Common Share
|
$
0.16
|
$
0.16
|
|
|
|
The Goodyear Tire
& Rubber Company and Subsidiaries
|
Consolidated
Balance Sheets (unaudited)
|
|
(In millions,
except share data)
|
March
31,
|
December
31,
|
|
2020
|
2019
|
Assets:
|
|
|
Current
Assets:
|
|
|
Cash and Cash
Equivalents
|
$
971
|
$
908
|
Accounts
Receivable, less Allowance - $131 ($111 in 2019)
|
2,025
|
1,941
|
Inventories:
|
|
|
Raw Materials
|
589
|
530
|
Work in Process
|
87
|
143
|
Finished Products
|
2,243
|
2,178
|
|
2,919
|
2,851
|
Prepaid
Expenses and Other Current Assets
|
258
|
234
|
Total Current
Assets
|
6,173
|
5,934
|
Goodwill
|
369
|
565
|
Intangible
Assets
|
135
|
137
|
Deferred Income
Taxes
|
1,261
|
1,527
|
Other
Assets
|
941
|
959
|
Operating Lease
Right-of-Use Assets
|
873
|
855
|
Property, Plant and
Equipment, less Accumulated Depreciation – $10,324 ($10,488 in
2019)
|
6,939
|
7,208
|
Total Assets
|
$
16,691
|
$
17,185
|
|
|
|
Liabilities:
|
|
|
Current
Liabilities:
|
|
|
Accounts
Payable – Trade
|
$
2,645
|
$
2,908
|
Compensation
and Benefits
|
470
|
536
|
Other Current
Liabilities
|
648
|
734
|
Notes Payable
and Overdrafts
|
691
|
348
|
Operating
Lease Liabilities due Within One Year
|
191
|
199
|
Long Term Debt
and Finance Leases due Within One Year
|
621
|
562
|
Total Current Liabilities
|
5,266
|
5,287
|
Operating Lease
Liabilities
|
693
|
668
|
Long Term Debt and
Finance Leases
|
5,212
|
4,753
|
Compensation and
Benefits
|
1,254
|
1,334
|
Deferred Income
Taxes
|
86
|
90
|
Other Long Term
Liabilities
|
483
|
508
|
Total Liabilities
|
12,994
|
12,640
|
|
|
|
Commitments and
Contingent Liabilities
|
|
|
Shareholders'
Equity:
|
|
|
Common Stock, no par
value:
|
|
|
Authorized, 450 million
shares, Outstanding shares – 233 million in 2020 and
2019
|
233
|
233
|
Capital
Surplus
|
2,146
|
2,141
|
Retained
Earnings
|
5,444
|
6,113
|
Accumulated Other
Comprehensive Loss
|
(4,313)
|
(4,136)
|
Goodyear Shareholders' Equity
|
3,510
|
4,351
|
Minority
Shareholders' Equity – Nonredeemable
|
187
|
194
|
Total
Shareholders' Equity
|
3,697
|
4,545
|
Total
Liabilities and Shareholders' Equity
|
$
16,691
|
$
17,185
|
|
|
|
|
|
|
The Goodyear Tire
& Rubber Company and Subsidiaries
|
Consolidated
Statements of Cash Flows (unaudited)
|
|
(In
millions)
|
Three
Months
Ended
|
|
March
31,
|
|
2020
|
2019
|
Cash Flows from
Operating Activities:
|
|
|
Net Income
(Loss)
|
$
(617)
|
$
(44)
|
Adjustments to
Reconcile Net Income (Loss) to Cash Flows from Operating
Activities:
|
|
|
Depreciation and
Amortization
|
196
|
193
|
Amortization and Write-Off
of Debt Issuance Costs
|
2
|
4
|
Goodwill
Impairment
|
182
|
--
|
Provision for Deferred
Income Taxes
|
235
|
(23)
|
Net Pension Curtailments and
Settlements
|
2
|
--
|
Net Rationalization
Charges
|
9
|
103
|
Rationalization
Payments
|
(73)
|
(18)
|
Net (Gains) Losses on Asset
Sales
|
(1)
|
(5)
|
Operating Lease
Expense
|
69
|
74
|
Operating Lease
Payments
|
(66)
|
(71)
|
Pension Contributions and
Direct Payments
|
(19)
|
(18)
|
Changes in
Operating Assets and Liabilities, Net of Asset Acquisitions and
Dispositions:
|
|
|
Accounts
Receivable
|
(206)
|
(425)
|
Inventories
|
(170)
|
(93)
|
Accounts Payable -
Trade
|
(106)
|
(71)
|
Compensation and
Benefits
|
(57)
|
31
|
Other Current
Liabilities
|
(30)
|
(11)
|
Other Assets and
Liabilities
|
89
|
10
|
Total Cash Flows from
Operating Activities
|
(561)
|
(364)
|
Cash Flows from
Investing Activities:
|
|
|
Capital
Expenditures
|
(211)
|
(221)
|
Short Term
Securities Acquired
|
(6)
|
(31)
|
Short Term
Securities Redeemed
|
4
|
31
|
Notes
Receivable
|
(35)
|
(7)
|
Other
Transactions
|
(9)
|
(16)
|
Total Cash Flows from
Investing Activities
|
(257)
|
(244)
|
Cash Flows from
Financing Activities:
|
|
|
Short Term
Debt and Overdrafts Incurred
|
629
|
571
|
Short Term
Debt and Overdrafts Paid
|
(239)
|
(485)
|
Long Term Debt
Incurred
|
2,188
|
1,850
|
Long Term Debt
Paid
|
(1,600)
|
(1,223)
|
Common Stock
Dividends Paid
|
(37)
|
(37)
|
Debt Related
Costs and Other Transactions
|
(2)
|
(31)
|
Total Cash Flows from
Financing Activities
|
939
|
645
|
Effect of Exchange
Rate Changes on Cash, Cash Equivalents and Restricted
Cash
|
(59)
|
--
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
62
|
37
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of the
Period
|
974
|
873
|
Cash, Cash
Equivalents and Restricted Cash at End of the Period
|
$
1,036
|
$
910
|
|
|
|
Non-GAAP Financial Measures (unaudited)
This earnings release presents Total Segment Operating Income
(Loss) and Margin, Adjusted Net Income (Loss) and Adjusted Diluted
Earnings (Loss) 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 (Loss) is the sum of the
individual strategic business units' (SBUs') Segment Operating
Income (Loss) as determined in accordance with U.S. GAAP. Total
Segment Operating Margin is Total Segment Operating Income (Loss)
divided by Net Sales as determined in accordance with U.S. GAAP.
Management believes that Total Segment Operating Income (Loss) 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 (Loss) is Goodyear Net Income (Loss) and to Total
Segment Operating Margin is Return on Sales (which is calculated by
dividing Goodyear Net Income (Loss) by Net Sales).
Adjusted Net Income (Loss) is Goodyear Net Income (Loss) as
determined in accordance with U.S. GAAP adjusted for certain
significant items. Adjusted Diluted Earnings (Loss) Per Share is
the company's Adjusted Net Income (Loss) divided by Weighted
Average Shares Outstanding-Diluted as determined in accordance with
U.S. GAAP. Management believes that Adjusted Net Income (Loss) and
Adjusted Diluted Earnings (Loss) Per Share 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.
See the tables below for reconciliations of historical Total
Segment Operating Income (Loss) and Margin, Adjusted Net Income
(Loss) and Adjusted Diluted Earnings (Loss) Per Share to the most
directly comparable U.S. GAAP financial measures.
Segment Operating
Income (Loss) and Margin Reconciliation Table
|
|
|
Three Months
Ended
|
March
31,
|
|
|
(In
millions)
|
2020
|
2019
|
Total Segment
Operating Income (Loss)
|
$
(47)
|
$
190
|
Goodwill
Impairment
|
(182)
|
--
|
Rationalizations
|
(9)
|
(103)
|
Interest
Expense
|
(73)
|
(85)
|
Other Income
(Expense)
|
(27)
|
(22)
|
Asset
Write-offs and Accelerated Depreciation
|
(4)
|
--
|
Retained
Expenses of Divested Operations
|
(2)
|
(3)
|
Other
|
(24)
|
(15)
|
Income (Loss)
before Income Taxes
|
$
(368)
|
$
(38)
|
United States and
Foreign Tax Expense
|
249
|
6
|
Less: Minority
Shareholders Net Income
|
2
|
17
|
Goodyear Net
Income (Loss)
|
$
(619)
|
$
(61)
|
|
|
|
Sales
|
$
3,056
|
$
3,598
|
Return on
Sales
|
(20.3)%
|
(1.7)%
|
Total Segment
Operating Margin
|
(1.5)%
|
5.3%
|
|
|
|
Adjusted Net
Income (Loss) and Adjusted Diluted Earnings (Loss) per
Share
|
Reconciliation
Tables
|
|
First Quarter
2020
|
Income
(Loss)
Before
Income
Taxes
|
Taxes
|
Minority
Interest
|
Goodyear
Net Income
(Loss)
|
Weighted
Average
Shares
Outstanding-
Diluted
|
Diluted
EPS
|
(In millions,
except EPS)
|
|
|
|
|
|
|
As
Reported
|
$
(368)
|
$
249
|
$
2
|
$
(619)
|
234
|
$
(2.65)
|
Significant
Items:
|
|
|
|
|
|
|
Discrete Tax Items
|
|
(290)
|
|
290
|
|
1.24
|
Goodwill Impairment
|
182
|
4
|
|
178
|
|
0.76
|
Rationalizations, Asset Write-offs, and
Accelerated Depreciation
Charges
|
13
|
2
|
|
11
|
|
0.05
|
|
195
|
(284)
|
- -
|
479
|
|
2.05
|
As
Adjusted
|
$
(173)
|
$
(35)
|
$
2
|
$
(140)
|
234
|
$
(0.60)
|
First Quarter
2019
|
Income
(Loss)
Before
Income
Taxes
|
Taxes
|
Minority
Interest
|
Goodyear
Net Income
(Loss)
|
Weighted
Average
Shares
Outstanding-
Diluted*
|
Diluted
EPS
|
(In millions,
except EPS)
|
|
|
|
|
|
|
As
Reported
|
$
(38)
|
$
6
|
$
17
|
$
(61)
|
232
|
$
(0.26)
|
Significant
Items:
|
|
|
|
|
|
|
Rationalizations, Asset Write-offs, and
Accelerated Depreciation Charges
|
103
|
18
|
|
85
|
|
0.36
|
Indirect Tax Settlements and Discrete
Tax
Items
|
|
(7)
|
(16)
|
23
|
|
0.10
|
Legal Claims Related to Discontinued
Operations
|
5
|
1
|
|
4
|
|
0.02
|
Net Insurance Recovery from
Hurricanes
|
(3)
|
(1)
|
|
(2)
|
|
(0.01)
|
Asset Sales
|
(5)
|
(1)
|
|
(4)
|
|
(0.02)
|
|
100
|
10
|
(16)
|
106
|
|
0.45
|
As
Adjusted
|
$
62
|
$
16
|
$
1
|
$
45
|
235
|
$
0.19
|
|
*Weighted Average
Shares Outstanding – Diluted for the calculation of as-reported
diluted EPS excludes 3 million
weighted average shares outstanding for stock options and other
securities that were anti-dilutive.
|
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SOURCE The Goodyear Tire & Rubber Company