by Christopher Freeburn | February 13, 2014 11:11 am
On Thursday, Goodyear Tire & Rubber (GT) reported quarterly earnings that topped Wall Street forecasts, sending GT stock surging about 10%.
Goodyear Tire stock jumped after GT said it earned $228 million during the fourth-quarter, compared to just breaking even in the year-ago period. Goodyear Tire posted adjusted EPS of 74 cents for the quarter, easily beating the earnings of 62 cents per Goodyear Tire share that analysts had predicted, Reuters noted.
During the fourth quarter, Goodyear Tire generated revenue of $4.8 billion. That missed the $5 billion that analysts had expected Goodyear Tire to report for the quarter. It was also 5% lower than revenue in the prior-year period.
Goodyear Tire attributed the revenue decline to unfavorable currency exchange rates and a decline in North American third-party chemical sales.
Shares of Goodyear Tire closed at $24.17 on Wednesday. Goodyear Tire stock has risen more than 70% over the past year.
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