The Akron, Ohio-based The Goodyear Tire & Rubber Company (NYSE:GT) reported on Tuesday that its net income in the second-quarter over doubled due to strong results in North America counterbalance sharply lower earnings in Euro zone. Company’s profit surpassed Wall Street forecasts and its shares climbed over 10%.
Goodyear Tire & Rubber Company announced net income of $85 million or 33 cents a share for the quarter ended June 30. That’s high from $40 million or 16 cents a share in similar period previous year.
Goodyear reported that it would have made 57 cents a share in earnings without special items like asset write-downs and debt-financing expenses. FactSet Analysts anticipated on that basis 45 cents a share.
The company reported that revenue moved down 8.4% to $5.15 billion from $5.62 billion in previous year. Analysts anticipated $5.74 billion.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Cooper Tire & Rubber Company (NYSE:CTB) rose +2.40% to settle at $17.47, ArcelorMittal (ADR) (NYSE:MT) moved down -1.43% to end at $15.90 while Alcoa Inc (NYSE:AA) jumped +0.24% to finish on Tuesday at $8.47.
The Goodyear Tire & Rubber Company (NYSE:GT) last session volume of 17.72 million shares was surprisingly higher than its average volume of 6.82 million shares. The stock after opening at $10.61 hit high price of $11.59 and then closed at $11.45by scoring +10.41%.
The liquidity measure in recent quarter results of the company was recorded 1.70 as current ratio and on the other side the debt to equity ratio was -6.52 and long-term debt to equity ratio also remained -6.01. The Company had total cash at hand $2.08 billion and a book value per share as $1.48 in the most recent quarter.
The stock price volatility was 5.58% for a week and 4.26% for a month as well as price volatility’s Average True Range for 14 days was 0.50 and its beta remained 2.64.
GT generated revenue of 22.90 billion in the following twelve months and earned $208.00 million. The Company showed a positive 1.31% in the net profit margin and as well as in its operating margin which remained 2.13%. Company’s annual sales growth for the past five year was 3.96%.
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