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Bear of the Day: Goodyear Tire & Rubber (GT)
Goodyear Tire & Rubber Company (GT - Free Report) is one of the world’s leading tire companies and is one of the most recognized names in the business. It operates through three segments—the Americas; Europe, the Middle East, and Africa; and Asia Pacific—developing, manufacturing, marketing, and distributing tires for most applications.
Q4 Earnings Miss Estimates, Down YoY
Recently, Goodyear reported disappointing results in its fiscal 2018 fourth quarter.
Adjusted earnings of 51 cents missed the Zacks Consensus of 60 cents and fell considerably from the 99 cents per share reported in the year-ago quarter.
Revenues of $3.88 billion missed our consensus estimate and fell 5% compared to Q4 2017.
Tire unit volume hit 40.7 million, down 3% year-over-year. Replacement tire shipments were basically flat while original equipment unit volume fell 10% from the prior-year period.
Falling Estimates
Analysts have since turned bearish on Goodyear, with five cutting estimates in the last 60 days for the current fiscal year. The Zacks Consensus Estimate has dropped 70 cents during that same time period from $2.91 to $2.21 per share.
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https://www.zacks.com/commentary/216333/...txt-216333
Goodyear Tire & Rubber Company (GT - Free Report) is one of the world’s leading tire companies and is one of the most recognized names in the business. It operates through three segments—the Americas; Europe, the Middle East, and Africa; and Asia Pacific—developing, manufacturing, marketing, and distributing tires for most applications.
Q4 Earnings Miss Estimates, Down YoY
Recently, Goodyear reported disappointing results in its fiscal 2018 fourth quarter.
Adjusted earnings of 51 cents missed the Zacks Consensus of 60 cents and fell considerably from the 99 cents per share reported in the year-ago quarter.
Revenues of $3.88 billion missed our consensus estimate and fell 5% compared to Q4 2017.
Tire unit volume hit 40.7 million, down 3% year-over-year. Replacement tire shipments were basically flat while original equipment unit volume fell 10% from the prior-year period.
Falling Estimates
Analysts have since turned bearish on Goodyear, with five cutting estimates in the last 60 days for the current fiscal year. The Zacks Consensus Estimate has dropped 70 cents during that same time period from $2.91 to $2.21 per share.
...
https://www.zacks.com/commentary/216333/...txt-216333
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