GT Goodyear Tire and Rubber Company

Exhibit 99.1

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The company reported segment operating income of $339 million in the second quarter of 2024, up $215 million from a year ago. The increase in segment operating income reflects benefits of $99 million from price/mix versus raw materials, $90 million from the Goodyear Forward transformation plan, $63 million from insurance claim recoveries, net of related expenses, and $50 million from the 2023 negative impact of the Tupelo storm. These were partly offset by the impact of lower tire volume of $41 million and unfavorable fixed overhead absorption of $35 million.

Year-to-Date Results

Goodyear’s sales for the first six months of 2024 were $9.1 billion with tire unit volumes totaling 80.5 million. First half 2024 Goodyear net income was $28 million (10 cents per share) compared to a Goodyear net loss of $309 million ($1.08 per share loss) a year ago. The year over year improvement was driven by increases in segment operating income. The first half of 2024 also included several significant items including, on a pre-tax basis, Goodyear Forward costs of $67 million, rationalization charges of $41 million, and a benefit of $86 million from asset and other sales. The first half of 2023 included pre-tax rationalization charges of $104 million and a $52 million benefit from asset and other sales.

First half 2024 adjusted net income was $83 million compared to an adjusted net loss of $179 million in the prior year. Adjusted earnings per share was $0.29, compared to a loss of $0.63 in the prior year.

The company reported segment operating income of $586 million for the first six months of 2024, up $337 million from a year ago. The increase in segment operating income reflects benefits of $227 million from price/mix versus raw materials, $162 million from the Goodyear Forward transformation plan, $52 million from insurance claim recoveries, net of related expenses, and $50 million from the 2023 negative impact of the Tupelo storm. These were partially offset by lower tire volume of $69 million, a net headwind of $58 million from higher inflationary costs, and unfavorable fixed overhead absorption of $33 million.

First half 2024 total cash flows from operating activities was a use of $518 million compared with a use of $434 million in the first half of 2023.

Reconciliation of Non-GAAP Financial Measures

See “Non-GAAP Financial Measures” and “Financial Tables” for further explanation and reconciliation tables for historical Total Segment Operating Income and Margin; Adjusted Net Income (Loss); and Adjusted Diluted Earnings per Share, reflecting the impact of certain significant items on the 2024 and 2023 periods.

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Business Segment Results

AMERICAS

Americas’ second quarter 2024 sales of $2.7 billion were down 8.2% driven by lower replacement volumes and unfavorable price/mix due to continuing weakness in commercial truck and contractual price adjustments. Tire unit volume decreased 5.9%. Replacement tire unit volume decreased 8.6% given industry member declines in the U.S., a transitory impact from distribution changes in Latin America, and flooding in Brazil earlier in the quarter. The U.S. industry non-members, generally representing low-cost imported product, grew significantly in the quarter. Original equipment unit volumes were up 6.7% compared to the second quarter of 2023.

Second quarter 2024 segment operating income of $241 million increased $138 million from the prior year’s quarter. The increase was driven by benefits from the execution of Goodyear Forward initiatives, favorable net price/mix versus raw material costs, the 2023 negative impact of the Tupelo storm, and lower transportation costs. These benefits were partly offset by lower volume. Segment operating income also included $20 million of insurance claim recoveries, primarily related to the 2023 Tupelo storm.

EMEA

EMEA’s second quarter 2024 sales of $1.3 billion were down 4.6% primarily driven by the negative impact of changes in foreign currency exchange rates. Tire unit volume decreased 0.9%. Replacement tire unit volume decreased 1.4% due to lower volume in Eastern Europe, particularly in Turkey. Original equipment unit volumes were flat.

Second quarter 2024 segment operating income of $35 million was up $54 million compared to the prior year’s quarter. Segment operating income benefitted from favorable net price/mix versus raw material costs, a net gain on insurance recoveries and the Goodyear Forward plan. These benefits were offset by unfavorable fixed overhead absorption and higher net inflationary costs. Segment operating income also included $43 million of insurance claim recoveries, net of related expenses, resulting from a fire that impacted its Debica, Poland factory.

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ASIA PACIFIC

Asia Pacific’s second quarter 2024 sales increased 1.2% to $594 million, driven by higher original equipment volume. Tire unit volume increased 7.8%. Original equipment unit volume increased 32.2%, driven by EV fitments in China. Replacement tire unit volume decreased 8.9%, reflecting the impact of the Australia transformation and industry softness in China.

Second quarter 2024 segment operating income of $63 million was up $23 million from prior year driven by higher volume, favorable net price/mix versus raw material costs, and benefits from the Goodyear Forward plan. These factors were partly offset by higher inflationary costs.

Conference Call

The Company will host an investor call on Thursday, August 1 at 8:00 a.m. EDT. Please visit Goodyear’s investor relations website: http://investor.goodyear.com, for additional earnings materials.

Participating in the conference call will be Mark W. Stewart, chief executive officer and president, and Christina L. Zamarro, executive vice president and chief financial officer.

The investor call can be accessed on the website or via telephone by calling either (800) 245-3047 or (203) 518-9765 before 7:55 a.m. and providing the conference ID “Goodyear.” A replay will be available by calling (800) 839-4088 or (402) 220-2986. The replay will also be available on the website.

About Goodyear

Goodyear is one of the world’s largest tire companies. It employs about 71,000 people and manufactures its products in 54 facilities in 21 countries around the world. Its two Innovation Centers in Akron, Ohio, and Colmar-Berg, Luxembourg, strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate.

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Forward-Looking Statements

Certain information contained in this news release constitutes forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, that affect our operations, performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in any forward-looking statements. These factors include, but are not limited to: our ability to implement successfully the Goodyear Forward plan and our other strategic initiatives, including the sale of our off-the-road tire business; risks relating to the ability to consummate the sale of our off-the-road tire business on a timely basis or at all, including failure to obtain the required regulatory approvals or to satisfy other conditions to closing; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; a prolonged economic downturn or period of economic uncertainty; deteriorating economic conditions or an inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; financial difficulties, work stoppages, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; changes in tariffs, trade agreements or trade restrictions; foreign currency translation and transaction risks; our failure to comply with a material covenant in our debt obligations; potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.

Non-GAAP Financial Measures (unaudited)

This news release presents non-GAAP financial measures, including Total Segment Operating Income and Margin, Adjusted Net Income (Loss), and Adjusted Diluted Earnings Per Share (EPS), which are important financial measures for the company but are not financial measures defined by U.S. GAAP, and should not be construed as alternatives to corresponding financial measures presented in accordance with U.S. GAAP.

Total Segment Operating Income is the sum of the individual strategic business units’ (SBUs’) Segment Operating Income as determined in accordance with U.S. GAAP. Total Segment Operating Margin is Total Segment Operating Income divided by Net Sales as determined in accordance with U.S. GAAP. Management believes that Total Segment Operating Income and Margin are useful because they represent the aggregate value of income created by the company’s SBUs and exclude items not directly related to the SBUs for performance evaluation purposes. The most directly comparable U.S. GAAP financial measures to Total Segment Operating Income and Margin are Goodyear Net Income (Loss) and Return on Net Sales (which is calculated by dividing Goodyear Net Income (Loss) by Net Sales).

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Adjusted Net Income (Loss) is Goodyear Net Income (Loss) as determined in accordance with U.S. GAAP adjusted for certain significant items. Adjusted Diluted Earnings Per Share (EPS) is the company’s Adjusted Net Income (Loss) divided by Weighted Average Shares Outstanding-Diluted as determined in accordance with U.S. GAAP. Management believes that Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (EPS) are useful because they represent how management reviews the operating results of the company excluding the impacts of rationalizations, asset write-offs, accelerated depreciation, asset sales and certain other significant items.

It should be noted that other companies may calculate similarly-titled non-GAAP financial measures differently and, as a result, the measures presented herein may not be comparable to such similarly-titled measures reported by other companies. See the following tables for reconciliations of historical Total Segment Operating Income and Margin, Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share to the most directly comparable U.S. GAAP financial measures.

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The Goodyear Tire & Rubber Company and Subsidiaries

Financial Tables (Unaudited)

Table 1: Consolidated Statement of Operations

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Table 2: Consolidated Balance Sheets

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Table 3: Consolidated Statements of Cash Flows

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Table 4: Reconciliation of Segment Operating Income & Margin

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Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share

Second Quarter 2024

Second Quarter 2023

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Table 5: Reconciliation of Adjusted Net Income (Loss) and Adjusted Diluted Earnings Per Share (continued)

First Six Months 2024

First Six Months 2023

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