Goodyear Tire (GT) Tops Q3 EPS by 5c, Revenues Beat
Goodyear Tire (NASDAQ: GT) reported Q3 EPS of ($0.01), $0.05 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $3.47 billion versus the consensus estimate of $3.29 billion.
- Volume improved throughout the third quarter; total unit volume down 9% versus 2019
- Third quarter working capital significantly better than expected; source of cash for the quarter
- Cash and liquidity position maintained; $4.2 billion available at quarter end
- Strong net cost savings in the third quarter, including benefit of rationalization savings
- Record consumer replacement volume in China
- "Our results reflect increasing momentum as the global tire industry recovered more quickly than we expected during the quarter, led by the Americas," said Richard J. Kramer, chairman, chief executive officer and president. "We are taking every opportunity to continue building our business for the long term, while generating significant cost savings and free cash flow," added Kramer.
For earnings history and earnings-related data on Goodyear Tire (GT) click here.