Goodyear Tire inventory jumps after revenue, gross sales beat expectation as COVID-19 affect moderated

Shares of Goodyear Tire & Rubber Co. GT, -1.88% jumped 3.9% in premarket buying and selling Friday, after the tire vendor reported first-quarter revenue and gross sales that beat Wall Road estimates, because the COVID-19 pandemic’s affect on business demand “moderated.” The corporate swung to internet earnings of $12 million, or 5 cents a share,


Shares of Goodyear Tire & Rubber Co.
GT,
-1.88%

jumped 3.9% in premarket buying and selling Friday, after the tire vendor reported first-quarter revenue and gross sales that beat Wall Road estimates, because the COVID-19 pandemic’s affect on business demand “moderated.” The corporate swung to internet earnings of $12 million, or 5 cents a share, from a lack of $619 million, or $2.65 a share, within the year-ago interval. Excluding nonrecurring gadgets, reminiscent of rationalization prices related to a plan to chop bills, modernization prices and a $23 million affect associated to Winter Storm Uri, adjusted earnings per share got here to 43 cents, above the FactSet consensus of 12 cents. Gross sales grew 14.9% to $3.51 billion, beating the FactSet consensus of $3.39 billion, as tire unit volumes rose 12%, with substitute tire quantity elevated 14%. “Our shopper substitute enterprise delivered excellent outcomes,” stated Chief Government Richard Kramer. “By leveraging improved distribution and new merchandise, we outperformed the business whereas increasing margins.” Goodyear’s inventory has soared 68.2% over the previous three months, whereas the S&P 500
SPX,
+0.68%

has superior 13.4%.



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