Goodyear Tire & Rubber Co. Earnings: Here’s Why Investors are Selling Shares Now
Goodyear Tire & Rubber Co. (NYSE:GT) missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 4%.
Goodyear Tire & Rubber Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $0.00 in the quarter versus EPS of $0.03 in the year-earlier quarter.
Revenue: Decreased 11.23% to $5.05 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Goodyear Tire & Rubber Co. reported adjusted EPS of $0.00 per share. By that measure, the company missed the mean analyst estimate of $0.2. It missed the average revenue estimate of $5.34 billion.
Quoting Management: “Our 2012 performance marks the second consecutive year we have exceeded $1.2 billion in segment operating income in a low-volume environment,” said Richard J. Kramer, chairman and chief executive officer. “These results have been driven by North American Tire’s performance, which has momentum and, more importantly, sustainability,” he added.
Key Stats (on next page)…