Goodyear Tire & Rubber Co. Earnings: Here’s Why the Stock is Up Now
Goodyear Tire & Rubber Co. (NYSE:GT) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.67%.
Goodyear Tire & Rubber Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 17.54% to $0.67 in the quarter versus EPS of $0.57 in the year-earlier quarter.
Revenue: Decreased 4.91% to $4.9 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Goodyear Tire & Rubber Co. reported adjusted EPS income of $0.67 per share. By that measure, the company beat the mean analyst estimate of $0.48. It beat the average revenue estimate of $4.88 billion.
Quoting Management: “Our outstanding second quarter earnings demonstrate the disciplined execution of our strategies by Goodyear associates around the globe as our operations become more efficient, reliable and integrated,” said Richard J. Kramer, chairman and chief executive officer. “We are leveraging this increased integration along with our product innovation to deliver sustainable earnings improvement through the cycle.”
Key Stats (on next page)…
Revenue increased 0.91% from $4.85 billion in the previous quarter. EPS increased 48.89% from $0.45 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.64 to a profit $0.65. For the current year, the average estimate has moved up from a profit of $2.08 to a profit of $2.13 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)