UPDATE: Goodyear Tire & Rubber (GT) Posts Q1 GAAP EPS of $0.10; Reaffirms Outlook

April 26, 2013 7:32 AM EDT
(Updated - April 26, 2013 7:54 AM EDT)

Goodyear Tire & Rubber (NASDAQ: GT) reported Q1 EPS of $0.10, which may not compare with the analyst estimate of $0.31. Revenue for the quarter came in at $4.9 billion versus the consensus estimate of $5.1 billion.

Goodyear reaffirmed FY2013 guidance.

ON EPS -> The 2013 first quarter included a $92 million (37 cents per share) net foreign currency remeasurement loss resulting from the devaluation of the Venezuelan bolivar fuerte; $9 million (4 cents per share) in rationalizations, asset write-offs and accelerated depreciation; a loss of $2 million (1 cent per share) from asset sales; and net gains of $12 million (5 cents per share) due primarily to tax law changes and $6 million (2 cents per share) from insurance recoveries related to the impact of the 2011 Thailand flood.

UPDATE - Excluding all items, EPS was about $0.45 in Q1.

Tire unit volumes totaled 39.5 million, down 8 percent from 2012, primarily reflecting lower volumes in Europe.

For earnings history and earnings-related data on Goodyear Tire & Rubber (GT) click here.

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