2Q26 Preview

研报英文原文证据摘录

2Q26 Preview

Deutsche Bank

Research

Rating Company Date

Hold Goodyear Tire & 6 July 2026

Results

North America Rubber

United States

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (USD) 6.59

GT.OQ GT US NMS GT

Price target 7.00

Consumer

52-week range 11.55 - 5.58

Autos & Auto Technology

Valuation & Risks

Edison Yu

2Q26 Earnings Research Analyst

While the overall macro environment has improved materially over the last few +1-212-250-7263

weeks with the potential end to the conflict, we generally expect the quarter to be

James Mulholland, CFA

in line with company guidance and relatively un-impacted by the volatility in Research Associate

feedstock. Looking at volumes, we expect a YoY decrease of -5%, the 16th straight +1-212-250-6026

quarter of YoY volume reductions, though less severe than last quarter's -12%.

Winnie Dong

Conditions across most geographies continue to be negative for sell-in though we

Research Analyst

anticipate some improvement in quarterly volumes going forward with inventories

+1-212-250-5121

now approaching normalization. North America, like last quarter, is expected to see

the most volume declines as the company completes the SKU rationalization

Key changes

program laid out in its Goodyear Forward initiative. There are also two one-off points

EPS (USD) -0.34 to -0.18 ↑ 48.1%

of note which will weigh on earnings a bit. Similar to last quarter, the company will

18,029.3 to

incur, despite operating losses, a tax expense which is due to unusual tax Revenue (USDm) ↑ 0.6%

18,130.7

jurisdiction rules. Second, there will be an additional $15m or so expense from a

Source: Deutsche Bank

price fixing lawsuit brought against many tire manufacturers in Turkey. All in, we

now anticipate sales/SOI estimates of $4.37bn/$12m, compared to relatively stale