Goodyear (GT) Shares Burning Rubber as Q1 Results Show N.A. Segment Made Big Rebound
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Price: $5.97 +2.23%
Financial Fact:
Other Expense (Note 3): -23M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Other Expense (Note 3): -23M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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Shares of Goodyear (NYSE: GT) are trading sharply higher Friday morning following strong results from the Akron, OH-based tire manufacturer on the heels of increased unit volumes.
Net income for the first quarter was $103 million, or $0.42 per share, swinging from a loss of $47 million in the same period last year.
Revenue increased 26.5 percent from $4.270 billion to $5.402 billion.
A consensus of analysts were looking for EPS of $0.12 and revs of $4.77 billion from Goodyear.
Tire unit volumes increased 7 percent to 46.8 million.
Notably, North American operating income saw a major shift from a loss of $14 million to profit of $40 million.
CEO Richard Kramer said, "I'm very pleased with our outstanding first quarter results, they're an excellent first step on our path to our 2013 targets... Improvement in North American Tire is a critical element to achieving our targets. North American Tire's first quarter performance strengthens my confidence in our future."
Looking ahead, Goodyear sees volumes increasing at the higher-end of its previously-issued outlook for 3 to 5 percent growth.
Goodyear shares are up over 12 percent Friday.
Net income for the first quarter was $103 million, or $0.42 per share, swinging from a loss of $47 million in the same period last year.
Revenue increased 26.5 percent from $4.270 billion to $5.402 billion.
A consensus of analysts were looking for EPS of $0.12 and revs of $4.77 billion from Goodyear.
Tire unit volumes increased 7 percent to 46.8 million.
Notably, North American operating income saw a major shift from a loss of $14 million to profit of $40 million.
CEO Richard Kramer said, "I'm very pleased with our outstanding first quarter results, they're an excellent first step on our path to our 2013 targets... Improvement in North American Tire is a critical element to achieving our targets. North American Tire's first quarter performance strengthens my confidence in our future."
Looking ahead, Goodyear sees volumes increasing at the higher-end of its previously-issued outlook for 3 to 5 percent growth.
Goodyear shares are up over 12 percent Friday.
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