Why Goodyear Stock Is Falling Today
Goodyear Tire & Rubber (NASDAQ: GT) missed Wall Street expectations in the third quarter, as macroeconomic challenges including inflation and strong-dollar concerns weighed on results. Investors were disappointed, sending shares of Goodyear down as much as 15% on Tuesday. As of 12:16 p.m. ET, shares were still down 14.7%.
Goodyear earned $0.40 per share in the third quarter on revenue of $5.31 billion, falling short of the $0.54-per-share earnings consensus despite posting a slight beat on sales. As the results suggest, the issue was costs, with the company blaming "persistent inflation" and unfavorable currency conversion rates due to the strong dollar for the miss.
"Uncertainty and volatility have defined our operating environment since the onset of COVID," CEO Richard J. Kramer said in a statement.
Source Fool.com
