Goodyear Tire’s stock surges after swinging to profit that doubled up expectations

0

Shares of Goodyear Tire & Rubber Co.
GT,
+1.94%
surged 2.5% in premarket trading Friday, after the tire maker reported a second-quarter profit that was double what was expected, with revenue from all geographic regions topping forecasts, as the negative effect on demand from the COVID-19 pandemic “moderated significantly.” The company swung to net income of $67 million, or 27 cents a share, from a loss of $696 million, or $2.97 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 32 cents, above the FactSet consensus of 16 cents. Sales jumped 85.6% to $3.98 billion, beating the FactSet consensus of $3.74 billion. Americas sales rose 98.9% to $2.26 billion, EMEA (Europe, Middle East and Africa) sales grew 82.0% to $1.23 billion and Asia Pacific sales increased 47.6% to $493 million. Goodyear’s stock has tumbled 21.9% over the past three months, while the S&P 500
SPX,
+0.60%
has gained 5.4%.

Source

Leave A Reply