Why Goodyear Tire Stock Popped Today
Shares of Goodyear Tire (NASDAQ: GT) were moving higher today after the auto-parts company posted better-than-expected results on the bottom line in its third-quarter earnings report, showing that its transformation plan was starting to pay off. As of 2:36 p.m. ET, Goodyear stock was up 13.9% on the news.
Goodyear actually missed estimates on the top line, but investors were willing to overlook that as the company showed strong margin improvement.
Revenue in the quarter fell 6.2% to $4.82 billion, which was below the consensus of $4.94 billion. Revenue was down partly due to divestitures, including its off-the-road tire business. The company sold 42.5 million tire units in the quarter, down from 45.3 million in the quarter a year ago.
Source Fool.com
