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 ben.glickman@wsj.com

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