First quarter 2013 segment operating income of $127 million was a 59 percent improvement over the prior year and a first quarter record. Segment operating income was positively impacted by $163 million in lower raw material costs. This was partially offset by $58 million resulting from decreased volume and unabsorbed overhead from related production cuts, $47 million in lower price/mix and $18 million primarily due to lower third party chemical sales.

Europe, Middle East and Africa’s first quarter sales decreased 17 percent from last year to $1.6 billion. Sales reflect a 16 percent decrease in tire unit volume, primarily due to economic weakness in the region, as well as unfavorable foreign currency translation of $38 million. Original equipment unit volume was down 12 percent. Replacement tire shipments were down 18 percent.

First quarter segment operating income of $84 million was up 25 percent from last year and a first quarter record. Segment operating income was positively impacted by $31 million in lower raw material costs. It was negatively impacted by $7 million in lower price/mix, $3 million in unfavorable foreign currency translation and the impact of inflation on wages and other costs.

Compared with the year-ago quarter, segment operating income improved by $4 million due to insurance recoveries for costs resulting from flood disruption in Thailand.

Outlook

Goodyear is now forecasting its 2013 tire unit volumes to be essentially at 2012 levels as a result of weak industry conditions, especially in Europe.

For the full year of 2013 in North America, Goodyear now expects consumer replacement to be at essentially 2012 levels. The company’s full year 2013 outlook in other North American market segments is unchanged. It expects consumer original equipment volumes to be up approximately 5 percent, while commercial replacement and original equipment are both expected to remain at about 2012 levels.

For the full year in Europe, Middle East and Africa, Goodyear now expects consumer replacement to be at essentially 2012 levels. The company’s full year 2013 outlook in other Europe, Middle East and Africa market segments is unchanged. It expects consumer original equipment volumes to be down approximately 5 percent, commercial replacement to be up approximately 5 percent and commercial original equipment to be flat to up 5 percent.

Due to continued weakness in the European economy and to ensure the company’s long-term competitiveness in the region, Goodyear is implementing a three-point plan to return its business to historical margin levels. In addition to its announced exit from the farm tire business in the Europe, Middle East and Africa region and closure of a manufacturing plant in France, over the next three years Goodyear is focusing on 1) increasing its share in targeted market segments, 2) growth in emerging markets and 3) additional productivity improvements across the region totaling $75 million to $100 million.

2013 Financing Action

During the first quarter, Goodyear successfully issued $900 million in 6.5% senior notes due 2021. The net proceeds were used to fully fund the company’s frozen U.S. pension plans. Following this, the company changed its target asset allocation for these plans to a portfolio of fixed income securities designed to offset the future impact of discount rate movements on the plans’ funded status.

Goodyear is one of the world’s largest tire companies. It employs about 69,000 people and manufactures its products in 52 facilities in 22 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.

Certain information contained in this press release may constitute 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 strategic initiatives; pension plan funding obligations; actions and initiatives taken by both current and potential competitors; increases in the prices paid for raw materials and energy; a labor strike, work stoppage or other similar event; deteriorating economic conditions or an inability to access capital markets; work stoppages, financial difficulties or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; 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.