Why Goodyear Tire Stock Fell Today
Goodyear Tire Rubber (NASDAQ: GT) has been in the fast lane for most of 2023, but nothing went right for the company in the just-completed second quarter. Shares of Goodyear traded down as much as 22% on Thursday after the company posted an unexpected quarterly loss.
Goodyear lost $0.34 per share on an adjusted basis in the second quarter on revenue of $4.87 billion, missing analyst expectations for a $0.16-per-share profit on sales of $5.18 billion. The company blamed weak demand in the Americas and Europe, as well as a slowdown in freight miles that led to a weakened commercial tire replacement schedule.
In the U.S. alone, Goodyear cited "softer industry volume, the ongoing effects of inflation, and the storm-related interruption of operations" at one plant for the miss. Americas consumer replacement volume declined 13% year over year, or 7% without the impact of the storm interruptions. Goodyear noted the storm-adjusted figure is actually better than the industry as a whole, which was down 9%.
Source Fool.com
The Goodyear Tire & Rubber Co. Aktie
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