Goodyear Tire & Rubber Co (NASDAQ:GT) reported third-quarter FY21 sales growth of 42% year-on-year, to $4.93 billion, beating the analyst consensus of $4.75 billion.
Among the factors: Cooper Tire merger, improvements in price/mix, increased sales from other tire-related businesses, and higher volume drove the growth.
Sales in the Americas rose 62.7% Y/Y, Europe, Middle East & Africa increased 20.8%, and the Asia Pacific grew 17.3%.
Adjusted EPS of $0.72 beat the analyst consensus of $0.29.
Selling, general and administrative expenses increased 30.9%. The segment operating margin was 7.5%, and segment operating income for the quarter rose 129.6% to $372 million.
The company held $1.2 billion in cash and equivalents as of September 30, 2021.
"With the transportation industry moving record freight volume, we also saw robust demand from our largest commercial customers," said CEO Richard J. Kramer.
GT shares are trading higher by $2.60, or 12.1%, at $24.05 mid-afternoon Friday.
