3 billion and 4.9 billion, Goodyear Tire proposes two long-term financial goals
Richard Claymer, Goodyear’s chief executive officer and president, said that the tire industry is currently in a healthy and stable development stage, which provides a huge opportunity for the company’s profit growth. It is reported that Goodyear proposed two long-term financial goals in this meeting. First, by 2020, the main business income will reach 3 billion U.S. dollars. Second, from 2017 to 2020, the accumulated free cash flow will reach 4.3 to 4.9 billion U.S. dollars. At the same time, Goodyear updated its capital allocation plan, which includes increased capital expenditures, restructuring costs, debt repayments, and a total of $4 billion in shareholder rebates. In addition, the company also reiterated its previously announced 2016 financial goals. These goals include the pre-EBIT margin growth rate of the main operating segment of between 10% and 15% (excluding Venezuelan business impact); net cash inflows from operations; and reduction of year-end debt/EBITDAP ratio to 2.0-2.1. Times. It is understood that in the first half of 2016, Goodyear's sales were US$7.6 billion, which was down 8% year-on-year. The company said that this was mainly attributable to the exchange rate loss of 225 million U.S. dollars caused by foreign exchange fluctuations and the shrinking business in Venezuela. In the first half of the year, Goodyear tire sales reached 83 million, an increase of 2% year-on-year, of which, the shipment volume of replacement tires increased by 3%, and the sales volume of original tires fell by 1%. If you do not calculate the reduction in Venezuelan business, its total tire sales growth can reach 3%.
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