Tags: Goodyear | Results | Earnings | Tires

Goodyear's Profit Falls, but Beats Expectations

Wednesday, 29 Oct 2014 09:41 AM

Goodyear Tire's third-quarter net income fell 3 percent as tire sales fell around the world, but its adjusted earnings easily beat Wall Street expectations.

Shares of the tire maker rose 10 percent in premarket trading Wednesday.

Goodyear reported net income of $161 million, or 58 cents per share, in the quarter ending Sept. 30, compared with $166 million, or 62 cents per share, in the same quarter a year ago.

Adjusted to remove certain one-time items, the company earned 87 cents per share. Analysts expected 70 cents, according to FactSet.

Revenue fell 6.9 percent to $4.7 billion from $5 billion, and missed Wall Street forecasts. Analysts expected revenue of $4.9 billion.

The company said sales were hurt by unfavorable foreign currency exchanges.

Sales in North America fell 6 percent to $2.06 billion. They fell 8 percent to $1.62 billion from $ 1.75 billion in Europe, Middle East and Africa and fell 14 percent to $451 million in Latin America.

Shares of The Goodyear Tire & Rubber Co., based in Akron, Ohio, rose to $24.12 in premarket trading.

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Goodyear Tire's third-quarter net income fell 3 percent as tire sales fell around the world, but its adjusted earnings easily beat Wall Street expectations.
Goodyear, Results, Earnings, Tires
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2014-41-29
Wednesday, 29 Oct 2014 09:41 AM
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