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Cars and Drivers

Goodyear Reports Earnings Under the Mark, After Items

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By Jon C. Ogg Published

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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

Contact [email protected] for any questions or corrections.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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