The net loss was $57m (20 cents per share) compared to a net loss of $101m (35 cents per share) a year ago thanks to increases in segment operating income.

The 2024 period also included several significant items including, on a pre-tax basis, Goodyear Forward costs of $28m and rationalisation charges of $22m, compared with pre-tax rationalisation charges of $32m in 2023.

Goodyear Forward costs are comprised of advisory, legal and consulting fees and costs associated with planned asset sales.

First quarter 2024 adjusted net income was $29m compared to an adjusted net loss of $82m in the prior year's quarter. Adjusted earnings per share was $0.10, compared to a loss of $0.29 in the prior year.

The company reported segment operating income of $247 million in the first quarter of 2024, up $122 million from a year ago. The increase reflected benefits of $127m from price/mix versus raw materials and $72 million from the Goodyear Forward transformation plan. These were partly offset by the impact of net inflationary costs of $33m and lower tyre volume of $28m.