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Goodyear Tire & Rubber Earnings: GT Stock Skids Out 13% on Q4 Miss

Goodyear Tire & Rubber (NASDAQ:GT) earnings for the tire company’s fourth quarter of 2019 have GT stock drifting lower on Tuesday. This is due to its adjusted earnings per share (EPS) of 19 cents, which missed Wall Street’s estimate of 52 cents for the quarter. Revenue of $3.71 billion also doesn’t help by coming in below analysts’ estimates of $3.88 billion.

Goodyear Tire & Rubber Earnings: GT Stock Skids Out 12% on Q4 Miss

Source: Roman Tiraspolsky / Shutterstock.com

Now, let’s take a closer look at the most recent Goodyear Tire & Rubber earnings report.

  • Adjusted earnings per share are down 62.75% from 51 cents during the same period of the year prior.
  • Revenue is sitting 4.38% lower than the $3.88 billion reported in the fourth quarter of 2018.
  • Operating income of $242 million is a 21.17% drop YoY from $307 million.
  • The Goodyear Tire & Rubber earnings report also has net loss coming in at $392 million.
  • That’s doesn’t look good next to the company’s net income of $110 million from the same time last year.

Richard Kramer, Chairman, President and CEO of Goodyear Tire & Rubber, says this about the GT stock earnings report:

“We continue to face a challenging global environment, including recessionary demand trends in many international markets. To address these challenges, we remain focused on further improving our cost structure and working capital management, while continuing to build our capabilities to enable mobility, today and in the future.”

The Goodyear Tire & Rubber earnings report doesn’t mention its 2020 outlook. Nevertheless, we know what Wall Street is looking for. That includes EPS of $2.14 on revenue of $15.05 billion.

GT stock is down more than 13% as Tuesday 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/2020/02/goodyear-tire-rubber-earnings-hammer-gt-stock/.

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