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Goodyear Tire & Rubber Earnings: GT Stock Skids on Q2 Miss

Goodyear Tire & Rubber earnings for the second quarter of 2019 have GT stock taking a beating on Friday.

Goodyear Tire & Rubber Earnings: GT Stock Skids on Q2 Miss

Source: Shutterstock

The bad news for Goodyear Tire & Rubber (NASDAQ:GT) starts with its earnings per share of 25 cents for the second quarter of the year. This is a drop from the company’s earnings per share of 62 cents from the same time last year. It was also a blow to GT stock by missing Wall Street’s earnings per share estimate of 34 cents for the quarter.

The Goodyear Tire & Rubber earnings report for the second quarter of 2019 also has net income coming in at $54 million. That’s a far cry from the company’s net income of $157 million reported in the second quarter of 2018.

Goodyear Tire & Rubber earnings for the second quarter of 2019 have it bringing in operating income of $219 million. This is down from the company’s operating income of $324 million reported in the same period of the year prior.

When it comes to revenue for the second quarter of the year, $3.63 billion wasn’t good enough for the Goodyear Tire & Rubber earnings report. It’s a fall from the company’s revenue of $3.84 billion from the second quarter of the previous year. On top of that, it also doesn’t come close to analysts’ revenue estimate of $3.78 billion for the period.

Goodyear Tire & Rubber notes that there were a few things hurting its second-quarter revenue. These include “unfavorable currency translation, lower volume, and reduced sales from other tire-related businesses.”

GT stock was down 5% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/07/goodyear-tire-rubber-earnings-hit-gt-stock/.

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