Goodyear tops 4Q profit forecasts, but sales down broadly
NEW YORK (AP) — Goodyear swung to a fourth-quarter profit on lower costs, even as tire sales weakened.
The company earned $561 million, or $2.14 per share. The loss last year was related to its subsidiary in economically volatile Venezuela.
Earnings, adjusted for non-recurring gains, came to 95 cents per share, which topped Wall Street expectations by 8 cents, according to a survey by Zacks Investment Research.
The Akron, Ohio, tire maker reported weak sales that cut revenue by 7.9 percent to $3.74 billion. That fell short of expectations of $3.85 billion.
Tire sales fell in every region during the quarter. Sales in the Americas region fell 10.9 percent to $2.06 billion, while sales in Europe, the Middle East, and Africa fell 5 percent to $1.13 billion. Sales in the Asia Pacific region fell 2 percent to $548 million.
Shares of Goodyear Tire & Rubber Co. slipped 1 percent before the opening bell.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GT at https://www.zacks.com/ap/GT
Keywords: Goodyear, Earnings Report, Priority Earnings