Goodyear Tire (GT) Tops Q1 EPS by 12c; Reaffirms

Goodyear Tire (NASDAQ: GT) reported Q1 EPS of $0.56, $0.12 better than the analyst estimate of $0.44. Revenue for the quarter came in at $4 billion versus the consensus estimate of $4.09 billion.

The company reaffirmed its 2015-2016 financial targets, which include:

• Segment Operating Income growth of between 10 percent and 15 percent per year;
• Annual positive Free Cash Flow from Operations and,
• An Adjusted Debt to EBITDAP ratio of 2.0x to 2.1x.

"Our strong first quarter provides solid momentum as we start 2015," said Richard J. Kramer, chairman and chief executive officer. "We overcame significant foreign currency headwinds and delivered record earnings led by North America, which achieved its fourth consecutive quarter of segment operating income margin of more than 10 percent," he added.

"Our volume growth was driven by market demand for our award-winning high-value-added products and gives us increased confidence in our outlook for the remainder of the year," Kramer said.

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

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