Goodyear Tire (GT) Misses Q1 EPS by 41c

Goodyear Tire (NASDAQ: GT) reported Q1 EPS of ($0.60), $0.41 worse than the analyst estimate of ($0.19). Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $3.24 billion.

COVID-19 Impact on Production

Goodyear continues to evaluate its production plans around the world in light of the COVID-19 pandemic. Most of the company's manufacturing facilities in the Americas and Europe, as well as several of its tire plants in Asia, were closed to protect the safety and well-being of its associates and conserve cash.

The company plans a phased restart of production during the second quarter, which began earlier this month with some of its commercial truck tire facilities in the U.S. and Europe. The company expects the majority of its manufacturing facilities to resume operations by the end of May. Decisions regarding production will be based on an evaluation of market demand signals, inventory and supply levels, as well as the company's ability to safeguard the health of its associates.

The company's plant in Pulandian, China is operating with 100% of its workforce, but is not yet operating at full capacity. The facility is expected to continue ramping up production during the second quarter.

Throughout the COVID-19 pandemic, Goodyear has prioritized the health and well-being of its associates and the communities where it operates. The company is implementing new protocols covering employee screening and other protective measures recommended by the Centers for Disease Control and Prevention to ensure the safety and well-being of its associates as operations gradually resume.

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

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