The Goodyear Tire & Rubber Company (NASDAQ:GT) Q2 2022 Earnings Conference Call August 5, 2022 8:30 AM ET

Company Participants

Christian Gadzinski - Senior Director, Investor Relations

Rich Kramer - Chief Executive Officer

Darren Wells - Chief Financial Officer

Christina Zamarro - Vice President, Finance and Treasurer

Conference Call Participants

John Healy - Northcoast Research

James Picariello - BNP Paribas Exane

Rod Lache - Wolfe Research

Ryan Brinkman - JPMorgan

Operator

Good morning. My name is Ashley and I will be your conference operator today. At this time, I would like to welcome everyone to Goodyear’s Second Quarter 2022 Earnings Call. [Operator Instructions] I will now hand the program over to Christian Gadzinski, Senior Director, Investor Relations.

Christian Gadzinski

Thank you, Ashley. Good morning and welcome to our second quarter 2022 earnings call. On the call with me today are Rich Kramer, our CEO; Darren Wells, our CFO; and Christina Zamarro, our VP, Finance and Treasurer.

We will begin with a few words on forward-looking statements and non-GAAP financial measures. Forward-looking statements involve risks, assumptions and uncertainties that could cause actual results to differ materially from those forward-looking statements. For more information on the most significant factors that could affect future results, please see Slide 2 of the supporting presentation for today’s call and our filings with the SEC, which can be found on our website at investor.goodyear.com, where a replay of this call will also be available. A reconciliation of the non-GAAP financial measures discussed in today’s call to the comparable GAAP measures is included in the appendix of that presentation.

And with that, I will turn the call over to Rich.

Rich Kramer

Great. Thank you Christian and good morning everyone. Thank you for joining the call today. During the quarter, our business continued to perform at a high level. Our second quarter sales and earnings performance were the result of solid execution by our teams around the globe who helped grow unit volume while driving pricing actions that covered not only raw material cost increases, but most other inflationary headwinds as well. This is the third consecutive quarter where we have done so amidst 40-year high inflation levels.

Revenue of the combined company grew more than 30%, including 15% in our legacy business. The result was the highest second quarter revenue level in more than a decade. Our consumer tire volume globally grew 6% and commercial grew nearly 2%, excluding Cooper and we achieved this volume growth while increasing revenue per tire by 14% compared to last year. Cooper also contributed meaningfully to our results in the quarter as it has since we closed on the transaction now just 1 year ago, a noteworthy milestone.