Goodyear Tire & Rubr Co Stock Price, News & Analysis

Goodyear (NASDAQ: GT) is set to debut a new 30-second television advertisement narrated by NASCAR Hall of Famer Bill Elliott during the DAYTONA 500 on February 19, 2023. This advertisement celebrates Goodyear's long-standing partnership with NASCAR, marking 75 years of stock car racing and Goodyear's 125-year anniversary. The ad features archival racing footage, showcasing Goodyear's commitment to innovation and performance in tire manufacturing. Since 1954, Goodyear has been the exclusive tire supplier for NASCAR and reasserted this position in 2022, emphasizing its role in the evolution of racing technology.

The Goodyear Tire & Rubber Company (NASDAQ: GT) reported its fourth quarter and full-year 2022 results in an Investor Letter on February 8, 2023. The company will hold an investor call on February 9, 2023, at 8:30 a.m. EST, featuring CEO Richard J. Kramer and other executives to address inquiries. Goodyear operates in 23 countries with approximately 74,000 employees and maintains two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, focusing on advanced tire technologies.

On January 27, 2023, Goodyear Tire & Rubber Company (NASDAQ: GT) announced significant cost-saving measures due to ongoing industry challenges and inflationary pressures. These actions include a 5% global reduction in salaried staff, affecting approximately 500 positions. The company reported a disappointing fourth quarter, particularly in Europe, with a projected segment operating loss of $80 million in the EMEA region. To offset inflation, Goodyear aims for a quarterly run-rate benefit of $15 million starting in the second quarter after incurring approximately $55 million in pre-tax charges.

The Goodyear Tire & Rubber Company (GT) is set to announce its fourth quarter and full-year 2022 financial results after market close on February 8, 2023. An investor conference call will follow at 8:30 a.m. EST on February 9, 2023. Results will be published in an Investor Letter available on their investor relations website. Participants can access the call via web or telephone using the conference ID 'Goodyear'. Goodyear, one of the largest tire manufacturers globally, operates 57 facilities in 23 countries and employs approximately 72,000 personnel, focusing on innovation and industry-leading technology.

Goodyear (NASDAQ: GT) and Gatik are advancing autonomous transportation with a proof of concept showcasing intelligent tires powered by Goodyear SightLine technology. These tires can accurately estimate tire-road friction, enhancing vehicle safety and efficiency for Gatik's B2B logistics. The collaboration focuses on road-friction detection in Canada, particularly useful in challenging winter conditions. With this technology, autonomous vehicles can optimize parameters such as speed and acceleration, improving overall safety and performance for Gatik's operations.

Goodyear (GT) announces a tire with 90% sustainable materials.

On January 4, 2023, Goodyear unveiled a demonstration tire made from 90% sustainable materials, following the plan to produce a tire containing 70% sustainable materials in 2023. This innovation not only meets regulatory standards but also is designed for lower rolling resistance, potentially offering better fuel efficiency. With 17 ingredients from renewable sources, such as soybean oil and recycled materials, Goodyear aims to achieve its goal of a 100% sustainable tire by 2030.

Goodyear Tire & Rubber Company (NASDAQ: GT) announced the appointment of Christina Zamarro as the new Executive Vice President and Chief Financial Officer, effective January 1, 2023. Zamarro will oversee Goodyear's Global Finance organization, succeeding Darren Wells, who transitions to Chief Administrative Officer. Zamarro has been with Goodyear since 2007 and has held various finance roles, enhancing the company's financial strategy. The leadership changes come at a crucial time as Goodyear aims to advance its business strategy and growth agenda.