Goodyear's Stock Slips After Sales Falls Shy
Goodyear Tire & Rubber Co.'s stock shed 1.4% in light premarket trade Thursday, after the tire maker beat third-quarter profit expectations, but fell shy on sales. The company said earnings rose to $271 million, or 99 cents a share, from $161 million, or 58 cents a share, in the same period a year ago. That was above the FactSet earnings-per-share consensus of 97 cents. Revenue fell to $4.18 billion from $4.66 billion, just below the FactSet consensus of $4.22 billion, as lower-than-expected tire sales in North America and Asia offset a beat in Latin America and in-line results in Europe, Middle East and Africa. Unfavorable currency movements reduced revenue by $430 million during the quarter. The stock has rallied 17% year to date, while the S&P 500 has tacked on 1.5%.
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