Goodyear beats 3Q profit expectations, misses revenue forecasts

AKRON, Ohio – AKRON, Ohio (AP) _ The Goodyear Tire & Rubber Co. (GT) on Wednesday reported earnings of $161 million in its third quarter.

On a per-share basis, the Akron, Ohio-based company said it had net income of 58 cents. Earnings, adjusted for non-recurring costs and asset impairment costs, were 87 cents per share.

The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.

The tire maker posted revenue of $4.66 billion in the period, falling short of Street forecasts. Analysts expected $4.95 billion, according to Zacks.

Goodyear shares have decreased 2 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 8 per cent. The stock has increased 6 per cent in the last 12 months.


This story was generated by Automated Insights using data from Zacks Investment Research. GT stock research report from Zacks.


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