Why Shares of Goodyear Tire Are Falling on Friday
Shares of Goodyear Tire (NASDAQ: GT) fell more than 10% on Friday morning after the company reported second-quarter results that were down year over year and fell short of expectations. The company continues to struggle in what its CEO calls "a challenging environment."
Before markets opened Goodyear said it had earned $0.25 per share in the second quarter on revenue of $3.6 billion, short of analyst expectations for $0.34 per share in earnings on $3.78 billion in sales. So far in 2019 Goodyear has generated sales of $7.2 billion, down 6% year over year due to unfavorable foreign currency conversion and lower volumes.
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