RTTNews | Feb 9, 2021 08:01AM EST

08:01 Tuesday, February 9, 2021 (RTTNews.com) - Goodyear Tire & Rubber Co.'s (GT) fourth quarter 2020 net income was $63 million or $0.27 per share compared to a net loss of $392 million or $1.68 per share a year ago. Quarterly adjusted net income was $103 million or $0.44 per share compared to adjusted net income of $45 million or $0.19 per share in 2019. Analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items. Quarterly sales were $3.66 billion, down 2% from a year ago. The decline was driven by lower volume and unfavorable foreign currency translation. These factors were partially offset by improvements in price/mix. Analysts expected revenues of $3.61 billion for the quarter.

Tire unit volumes totaled 37.7 million, down 5% from the prior year's period. Industry demand during the quarter was affected by the continued economic disruption resulting from the COVID-19 pandemic.

Replacement tire shipments declined 7%, reflecting the impact of lower consumer demand and actions taken to align European distribution. Original equipment unit volume increased 3%, reflecting increased market share in Americas and EMEA.

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