Goodyear Tire beats Q3 estimates, revenues miss
Goodyear Tire (GT) reported its Q3 results, with EPS of $0.36 coming in better than the consensus of $0.19. However, revenues of $5.14 billion missed the consensus estimate of $5.3B.
The company anticipates its upcoming Q4 results to be negatively impacted by a fire at its factory in Poland, which is expected to result in a one-time cost of approximately $20 million. Nonetheless, the company projects Q4 volume to be the highest of any quarter this year and continues to expect sequential margin expansion, reflecting strong price/mix benefits from its strategic focus on more premium, high-value segments of the market.
Furthermore, the company said it will provide an update next week, regarding the comprehensive assessment led by the Strategic and Operational Review Committee of its Board of Directors. It will host a public call on Wednesday, Nov. 15, at 8:30 a.m. EST to discuss the committee's recommendations to maximize shareholder value creation.
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