UPDATE: Goodyear Shares Jump On Upbeat Q3 Earnings

Shares of Goodyear Tire & Rubber Company GT jumped 10% in pre-market trading after the company reported upbeat third-quarter earnings. The Akron, Ohio-based company posted quarterly net earnings of $161 million, or $0.58 per share, compared to $166 million, or $0.62 per share, in the year-ago quarter. Excluding non-recurring items, Goodyear Tire's adjusted earnings came in at $0.87 per share. Its net sales dropped to $4.66 billion from $5 billion. However, analysts were expecting earnings of $0.70 per share on revenue of $4.93 billion. Sales in its Latin American unit declined 14% to $451 million from $527 million, while North America's sales slipped 6% to $2.1 billion. Europe, Middle East and Africa's sales dropped 8% to $1.6 billion, while Asia Pacific's sales declined 1% to $531 million. Tire unit volume fell 2% to 41.9 million in the quarter. Original equipment unit volume slipped 3% in the quarter. During the third quarter, Goodyear Tire repurchased 1,200,000 shares of its common stock at an average price of $24.75 per share. "We delivered outstanding earnings growth in the quarter and achieved a segment operating income margin of more than 11 percent, the highest in more than a decade, despite an increasingly challenged global economy," said Richard J. Kramer, chairman and chief executive officer. Goodyear Tire affirmed its 2014-2016 financial targets. Goodyear Tire shares surged 10% to $24.10 in pre-market trading.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceprofit
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!