Goodyear Tire & Rubber Co (NASDAQ:GT) stock was down today following the release of its earnings report for the third quarter of 2017.
During the third quarter of 2017, Goodyear Tire & Rubber Co reported earnings per share of 70 cents. This had it beating out Wall Street’s earnings per share estimate of 67 cents for the quarter. However, the drop from earnings per share of $1.17 in the third quarter of 2016 wasn’t well received by holders of GT stock.
Goodyear Tire & Rubber Co’s net income for the third quarter of the year was $129 million. This is down roughly 59% from its net income of $317 million reported during the same time last year.
Operating income reported by Goodyear Tire & Rubber Co in the third quarter of 2017 was also down from a year ago. The company reported operating income of $357 million in Q3 2017 and $556 million in Q3 2016.
“During the third quarter, we saw a continuation of the challenging industry conditions we experienced in the second quarter including lower consumer replacement volumes, production cuts by automakers and an increase of more than 30 percent in our raw material input costs,” Richard Kramer, Chairman, President and CEO of Goodyear Tire & Rubber Co, said in a statement.
Goodyear Tire & Rubber Co notes that tire unit volumes for the third quarter of 2017 were down 5% to 39.8 million. It also says that replacement tire shipments were down 4%. Original equipment unit volume was down 9% during the quarter.
GT stock was down 6% as of noon Friday, but is up 2% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.