The Goodyear Tire & Rubber Company reported results for the third quarter of 2022 in a letter to investors published to its investor relations website.
The company hosted an investor call that reviewed financial reports and answered shareholder questions about the company’s future last week.
“Uncertainty and volatility have defined our operating environment since the onset of COVID,” said Richard Kramer, chairman, chief executive officer and president of Goodyear. “During the third quarter, we faced many ongoing challenges, including persistent inflation.”
Despite rising inflation, Goodyear announced its net sales grew 8% compared with last year. The company says this increase was driven by pricing actions that drove revenue per tire to 16% higher than Q3 2021.
Goodyear says it expects the rise of EVs to change the environment of the tire industry completely. Due to this, in the third quarter, the company says it added several high-return, built-for-EV OE fitments that it expects will have strong pull-through in the replacement market.
The company also announced that it has once again been recognized as one of Forbes’ World’s Best Employers.
