Tags: tire | sales | automakers | Goodyear

Goodyear Tire Revenue Hit by Drop in Sales to US Automakers

Wednesday, 30 Jul 2014 09:33 AM

Goodyear Tire & Rubber Co., the biggest U.S. tire maker, reported lower-than-expected quarterly revenue as it sold fewer tires to automakers in North America and Latin America.

Tires sold to carmakers in North America, the company's biggest market, fell 4 percent in the quarter.

Total replacement tire shipments, however, rose 6 percent, Goodyear said.

Net income available to the company's shareholders increased about 18 percent to $213 million, or 76 cents per share, in the second quarter ended June 30.

Excluding items, Goodyear earned 80 cents per share. The average analyst estimate was 79 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 5 percent to $4.66 billion, and below the average analyst estimate of $4.75 billion.

The company reaffirmed its full-year outlook, saying it expected segment operating income to grow between 10 percent and 15 percent in 2014.

Goodyear shares closed at $27.65 on the Nasdaq on Tuesday.

© 2017 Thomson/Reuters. All rights reserved.

   
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Goodyear Tire & Rubber Co., the biggest U.S. tire maker, reported lower-than-expected quarterly revenue as it sold fewer tires to automakers in North America and Latin America.
tire, sales, automakers, Goodyear
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2014-33-30
Wednesday, 30 Jul 2014 09:33 AM
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