Goodyear shares tumbled 18% after a shock swing to a loss

Written by Ben Glickman

Shares of Goodyear Tire & Rubber fell Thursday after the corporate unexpectedly turned in a loss within the second quarter.

The inventory fell 18 % to $12.90 in morning buying and selling. Shares are up 27% to this point this yr.

The Akron, Ohio-based tire maker on Wednesday reported a lack of $208 million, or 73 cents per share, in comparison with a revenue of $166 million, or 58 cents per share, a yr in the past. Analysts polled by FactSet anticipated earnings per share of 14 cents.

The corporate’s gross sales fell to $4.87 billion from $5.21 billion a yr earlier, exceeding the $5.21 billion anticipated by analysts, in accordance with FactSet.

In a letter to buyers, the corporate stated its outcomes suffered from weak shopper substitute business dimension and weak business trucking general. Goodyear stated it reduce its manufacturing outlook for the second half of the yr for each shopper and business replacements.

The corporate stated on July 25 that it could add three new board members following a push from activist investor Elliott Administration. Elliott, which owns a ten% stake within the firm, stated in Might that the corporate’s inventory had been underperforming and wanted to monetize its retailer community, in addition to examine methods to enhance margins.

Write to Ben Glickman at

Related Posts

Generac Holdings 2Q sales declined due to weak demand for residential products

China’s offshore banking 2Q internet S $1.71 billion vs. Internet S$1.28 billion > O39.SG

By BR Venkat Oversea-Chinese language Banking Corp.’s second-quarter internet revenue rose 34% year-over-year, helped by greater curiosity revenue. OCBC stated on Friday that third-quarter internet revenue was…

Meta begins blocking news in Canada - Google plans to do the same

Meta begins blocking information in Canada – Google plans to do the identical

Menlo Park, Calif. – Fb and Instagram’s dad or mum firm Meta META, Inc. -0.36% Makes good on its promise to dam information content material in Canada…

post share price |  Post Holdings Inc share price  (US: NYSE)

put up share value | Put up Holdings Inc share value (US: NYSE)

Put up Holdings Inc. Put up Holdings, Inc. As a holding firm for shopper packaged items. The corporate is concerned in retailer middle operation, refrigerated, meals service,…

Amazon beats forecasts for domestic e-commerce sales, AWS;  Stock jumps

Amazon beats forecasts for home e-commerce gross sales, AWS; Inventory jumps calmed investor fears with sturdy e-commerce and cloud gross sales, sending its shares up greater than 6% in after-hours buying and selling Thursday. Amazon AMZN, +0.55%…

Generac Holdings 2Q sales declined due to weak demand for residential products

Cocoa costs in Nigeria go up in Cross River, and go down in Osun

Posted by Obafemi Oreden Particular to the Dow Jones information journal IBADAN, Nigeria – Cocoa trades at 2.2 million Nigerian naira ($2,966) per metric ton in Nigeria’s…

Fitch's historic downgrade is illustrated in one chart

Fitch’s historic downgrade is illustrated in a single chart

The US authorities’s debt burden has skyrocketed over the previous decade, particularly throughout the coronavirus disaster. Credit score scores company Fitch on Tuesday pulled the set off…

Leave a Reply

Your email address will not be published. Required fields are marked *