The Goodyear Tire & Rubber Company (GT – Analyst Report) reported a 13.8% increase in adjusted earnings per share to 99 cents in the third quarter of 2015 from 87 cents a year ago (all excluding special items). Moreover, earnings marginally surpassed the Zacks Consensus Estimate of 98 cents.
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Analysts had expected the company to earn $0.97 per share, according figures compiled by Thomson Reuters.
Goodyear shares have climbed 17 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 1.5 per cent. The stock has risen 52 per cent in the last 12 months. During the year ended December 31, 2011, the Company operated approximately 1,400 tire and auto service center outlets where it offered its products for retail sale and provided automotive fix and other services. (HOT) of the Services sector is up 0.39% (change from open 0.35%) this morning trading at a volume of 240,474 shares and price of $79.19.
Tire volumes for the first nine months increased 1 percent to 124.1 million, including a slight increase to 46.2 million in North America compared to 45.1 million for the first nine months of 2014. Also, replacement tire shipments rose 1%. The improvement was primarily driven by favorable price/mix net of raw materials, as well as cost reduction actions.
The North American segment’s third-quarter 2015 sales decreased 4% from past year. The Asia Pacific Business Unit was down 10%, from $80 million to $72 million.
LifeLock, Inc. (LOCK) of the Technology sector is up 0.43% trading at a volume of 239475 shares. Replacement tire shipments declined 4% year over year. Tire unit sales improved 8% to 4.7 million units.
The tire maker’s net income came in at $271 million, compared to $161 million in 2014.
Goodyear attributed $430 million of the sales drop to unfavorable currency translation.
The company’s shares fell about 1.6 percent to $32.88 in premarket trading on Thursday.
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During the reported quarter, Goodyear repurchased 1 million shares of its common stock for $30 million.
