AKRON, Ohio — The Goodyear Tire & Rubber Co. (GT) on Tuesday reported a fourth-quarter loss of $380 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Akron, Ohio-based company said it had a loss of $1.42. Earnings, adjusted for non-recurring costs, came to 93 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The tire maker posted revenue of $4.06 billion in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $4.02 billion.
Goodyear shares have fallen 19 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased slightly more than 9 percent. The stock has climbed roughly 4 percent in the last 12 months.
Keywords: Goodyear, Earnings Report, Priority Earnings