Why Goodyear Tire Surged 10% After Missing Estimates
Shares of Goodyear Tire & Rubber Company (NASDAQ: GT), one of the largest tire companies with facilities and retailers across the globe, are defying the norm as the stock jumped 10% on Friday despite missing top- and bottom-line estimates.
Goodyear Tire reported a 3% sales decline, compared to the prior year, down to $3.8 billion. That top-line result failed to meet analysts' estimates calling for $3.9 billion. Net income in the third quarter dropped to $88 million, down from the prior year's $351 million, but much of that tough comparison was due to last year's $287 million net gain on the TireHub transaction. Adjusted earnings checked in at $0.45 per share, which also fell short of analysts' estimates calling for $0.52 adjusted earnings per share.
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Source Fool.com
