Shares of Goodyear Tire & Rubber (GT – Get Report) are higher by 5.82% to US$28.73 in mid-morning trading on Wednesday, after the tire manufacturer reported its earnings results for the 2015 first quarter, which came in above what analysts were anticipating for the period.
Goodyear said its adjusted net income was US$148 million, or 54 cents per diluted share for the most recent quarter. Analysts polled by Thomson Reuters had forecast for earnings of 44 cents per share.
The company reported first quarter sales of US$4 billion, missing the US$4.09 billion analysts were expecting.
“Our strong first quarter provides solid momentum as we start 2015. We overcame significant foreign currency headwinds and delivered record earnings led by North America, which achieved its fourth consecutive quarter of segment operating income margin of more than 10 %,” company CEO Richard Kramer said in a statement.
Separately, TheStreet Ratings team rates GOODYEAR TIRE & RUBBER CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
“We rate GOODYEAR TIRE & RUBBER CO (GT) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company’s strengths can be seen in multiple areas, such as its compelling growth in net income, notable return on equity, attractive valuation levels, good cash flow from operations and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.” – Thestreet.com