Goodyear (GT) Earnings Miss Estimate In Q2, Decline Y/Y
Zacks Investment Research | Jul 25, 2019 09:46PM ET
The Goodyear Tire & Rubber Company (NASDAQ:GT) has reported adjusted earnings per share of 25 cents in second-quarter 2019 compared with 62 cents in the prior-year quarter. Further, its earnings missed the Zack Consensus Estimate of 31 cents. It reported net income of $54 million, down from the net income of $157 million in the year-ago quarter.
The company delivered net revenues of $3.63 billion, lower than $3.84 billion in the year-ago quarter. Also, its revenues missed the Zacks Consensus Estimate of $3.66 billion. The year-over-year decline in revenues was due to currency fluctuations as well as lower volume and sales from other tire-related businesses. These were partly offset by improvements in price/mix.
In the reported quarter, tire volume was 37.4 million units, down 4% from the year-ago quarter. Replacement tire shipments declined less than 1% from the year-ago quarter.
Segment operating income was $219 million, down from $324 million a year ago.
The Goodyear Tire & Rubber Company Price, Consensus and EPS Surprise
Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.