Goodyear Tire (GT) Tops Q2 EPS by 20c, Revenues Beat

Goodyear Tire (NASDAQ: GT) reported Q2 EPS of ($1.87), $0.20 better than the analyst estimate of ($2.07). Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $1.87 billion.

"Although our first half results were greatly affected by difficult industry conditions as a result of the ongoing COVID-19 pandemic, the decisive actions we took to safeguard our business helped mitigate the impact on our results," said Richard J. Kramer, chairman, chief executive officer and president.

"While we are encouraged to see industry demand gradually recovering in most major markets, our plans for the second half consider the challenges and uncertainties that remain. We continue to focus on the wellbeing of our associates, servicing our customers and supporting our brands while appropriately managing our costs and working capital," added Kramer.

"We are also committed to supporting the strong growth we are seeing in our e-commerce and mobile installation businesses. These investments in distribution will strengthen our leadership position and support our long-term growth prospects as consumer buying behavior continues to evolve within the tire industry," said Kramer.

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

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