http://www.morningstar.com/earnings/51596477-goodyear-tire-rubber-co-gt-q1-2013.aspx

Goodyear Tire & Rubber Co GT
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/26/2013

Operator: Good morning my name is Tony, and I will be your conference operator today. At this time, I’d like to welcome everyone to The Goodyear Tire & Rubber Company First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session.

Thank you. I would now like to hand the program over to Greg Fritz, Goodyear's Vice President of Investor Relations.

Gregory A. Fritz - VP, IR: Thank you, Tony, and good morning everyone. Welcome to Goodyear's first quarter conference call. Joining me today are Rich Kramer, Chairman and Chief Executive Officer; and Darren Wells, Executive Vice President and Chief Financial Officer.

On today's call Rich and Darren will provide perspective on our results and outlook for the remainder of the year. Before we get started, there are few items I need to cover. To begin the supporting slide presentation for today's call could be found on our website at investor.goodyear.com. A replay of this call will be available later today. Replay instructions were included in our earnings release issued earlier this morning.

If I can now draw your attention to the Safe Harbor statement on Slide 2. Today's presentation includes some forward-looking statements about Goodyear's future performance. Actual results could differ materially from those suggested by our comments today.

The most significant factors that could affect future results are outlined in Goodyear's filings with the SEC and in an earnings release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The financial results presented are on a GAAP basis, and in some cases, a non-GAAP basis. The non-GAAP financial measures discussed in the call are reconciled to the U.S. GAAP equivalent as part of the Appendix to the slide presentation. With that, I will now turn the call over to Rich.

Richard J. Kramer - Chairman, President and CEO: Great. Thanks, Greg, and good morning, everyone. This morning, I'd like to review a few of the highlights of our solid performance in the first quarter, touch on some of the actions we have taken to respond to continued challenges in Europe and provide an outlook for our business and the global tire industry for the remainder of the year.

I'm very pleased with our overall earnings results, our strong momentum in North America and the execution of our strategy roadmap, which, as you know, serves as our business playbook. Despite a tough industry environment, particularly in North America and Europe, we continued to achieve earnings improvement. Overall, our segment operating income for the first quarter was $302 million, up 3% from a year ago, and earnings were up in three of our four business units.

This performance reflects favorable product and brand mix, improved operational efficiency, a disciplined focus on targeted market segments and the benefits of our investments in both innovative products and in upgrading our manufacturing footprint to build those products.

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