the republic logo

Goodyear tops 4Q profit expectations, misses revenue forecasts

bug
Share/Save/Bookmark

AKRON, Ohio — The Goodyear Tire & Rubber Co. reported a sharp jump in its fourth-quarter net income, thanks to a $2 billion tax credit that offset unfavorable currency conditions and weak sales in Europe, the Middle East and Africa.

Shares of Goodyear rose 3 percent in midday trading Tuesday.

The tire company reported net income of $2.13 billion, or $7.68 per share, in the three months ending Dec. 31.

Earnings, adjusted for non-recurring gains, were 59 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

Revenue fell 9.1 percent to $4.36 billion in the period, which missed Street forecasts. Analysts expected $4.39 billion, according to Zacks.

PHOTO: In this Feb. 14, 2015 photo, Goodyear tires surround the Casey Mears car in the garage area during a practice session for the Daytona 500 NASCAR Sprint Cup Series auto race at Daytona International Speedway, in Daytona Beach, Fla. The Goodyear Tire & Rubber Co. reports quarterly financial results on Tuesday, Feb. 17, 2015. (AP Photo/Phelan M. Ebenhack)
In this Feb. 14, 2015 photo, Goodyear tires surround the Casey Mears car in the garage area during a practice session for the Daytona 500 NASCAR Sprint Cup Series auto race at Daytona International Speedway, in Daytona Beach, Fla. The Goodyear Tire & Rubber Co. reports quarterly financial results on Tuesday, Feb. 17, 2015. (AP Photo/Phelan M. Ebenhack)

The company said sales were hurt by $256 million due to a stronger U.S. dollar and $181 million due to lower sales in Europe, the Middle East and Africa.

Goodyear shares rose 78 cents, or 3 percent, to $26.69 in midday trading Tuesday. Its shares have fallen almost 7 percent since the beginning of the year.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at http://www.zacks.com/ap/GT

_____

Keywords: Goodyear, Earnings Report, Priority Earnings

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.