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Goodyear Tire Earnings Send GT Stock Revving

But quarterly revenue came in slightly below forecasts


Goodyear Tire & Rubber goodyear stock NASDAQ:GTOn 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.

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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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