Goodyear Tire & Rubber Company (NYSE: GT) has just reported its quarterly earnings. Net income available to common shareholders was $85 million, or $0.33 per share, up from $40 million and $0.16 per share a year ago. Goodyear’s second-quarter 2012 sales were down 8% from last year to $5.2 billion, reflecting weaker economic conditions and unfavorable foreign currency translation. Revenue per tire rose 8%, but currency took out 6% from sales.
The extraordinary items came to $0.27 in per share charges, and a $0.03 gain … so if we trust the company’s extraordinary items we would get a normalized non-GAAP earnings of $0.57 per share, assuming that these items are all truly considered as one-time events. Thomson Reuters was looking for $0.45 EPS and $5.74 billion in sales.
Tire volume was down 9% to 39.2 million. The tire giant now expects that its full-year tire unit volume for 2012 will be approximately 5% to 7% under that of 2011. Chairman and CEO Richard Kramer said, “The long-term industry MegaTrends remain in place. We expect global tire demand to recover and we remain committed to our 2013 target of $1.6 billion in segment operating income.”
Goodyear shares closed ta $10.37 on Monday, and the 52-week range is $8.53 to $16.12. Analysts had a consensus price target of $17.29, without the consideration of the earnings report, and the market cap is currently just over $2.5 billion.
JON C. OGG
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.