GOODYEAR TIRE & RUBBER CO /OH/ [GT] has reported a net loss Net Loss of $58 million for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue Net Sales (Note 2) for the quarter was $4.5 billion
Based in AKRON, Ohio, GOODYEAR TIRE & RUBBER CO /OH/ operates in the MANUFACTURING sector.
The financial performance of Goodyear for the first quarter of 2024 showed a decrease in net sales compared to the same period in 2023. In Q1 2024, the net sales amounted to $4.537 billion, down from $4.941 billion in Q1 2023.
Cost of goods sold for the first quarter of 2024 was $3.715 billion, lower than the $4.193 billion reported in Q1 2023. Selling, administrative, and general expenses slightly increased from $664 million in Q1 2023 to $696 million in Q1 2024.
Rationalizations expenses decreased from $32 million in Q1 2023 to $22 million in Q1 2024. Interest expenses remained relatively stable at $126 million in Q1 2024, compared to $127 million in Q1 2023. Other expenses slightly increased from $25 million in Q1 2023 to $30 million in Q1 2024.
The loss before income taxes improved from $(100) million in Q1 2023 to $(52) million in Q1 2024. The United States and foreign tax expense also improved from a benefit of $(1) million in Q1 2023 to an expense of $6 million in Q1 2024.
Overall, Goodyear reported a net loss of $(57) million in Q1 2024, an improvement from the net loss of $(101) million in Q1 2023. The basic and diluted net loss per share of common stock also improved from ($0.35) in Q1 2023 to ($0.2) in Q1 2024.
Weighted average shares outstanding remained stable at 286 million for both Q1 2023 and Q1 2024, impacting the calculation of earnings per share.
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