Goodyear Tire & Rubber Reports Q2 Earnings Miss

Goodyear Tire & Rubber GT reported second-quarter earnings of 25 cents per share, which missed the analyst consensus estimate of 34 cents by 26.47%. This is a 59.68% decrease over earnings of 62 cents per share from the same period last year.

The company reported quarterly sales of $3.632 billion, which missed the analyst consensus estimate of $3.78 billion by 3.92%. This is a 5.44% decrease over sales of $3.841 billion the same period last year.

"Our U.S. consumer replacement and commercial businesses continued to perform well in a challenging environment, aided by recent product launches," said CEO Richard Kramer. "We have continued our focus on strengthening our business by investing in premium supply and enhancing our OE pipeline and cost competitiveness," he added. "I am encouraged that several of the external factors that have impacted our business in recent quarters are beginning to moderate, positioning us to deliver stronger results going forward."

Goodyear Tire & Rubber shares are trading down 5.89% at $14.07 in Friday’s pre-market session. The stock has a 52-week high of $25.41 and a 52-week low of $13.23.