Goodyear Tire Rubber Up 5.33% To $13.24 After Earnings Beat

Goodyear Tire & Rubber Co (GT) reported better than expected earnings this morning for Q2 2022.

The consensus among analysts for Goodyear Tire Rubber was for an earnings per share (EPS) of $0.34. The firm was able to surpass those projections, reporting an EPS of $0.46, a positive surprise of $0.12 (35%). Profits rose 44% year-over-year after reporting an EPS of $0.32 in its year-ago quarter. The positive growth rate signals that the Consumer Cyclical company is performing well amid recent economic conditions.

Revenues were upbeat at $5.2 billion. That is an increase of 30.99% in revenues from the year-ago report and is 4.66% higher than consensus estimates set at $5 billion.

The stock is up 5.33% to $13.24 after the report.

Goodyear Tire Rubber's earnings expanded faster than revenues, signaling widening profit margins.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Goodyear Tire Rubber a Bullish Sentiment Rank from InvestorsObserver.

Goodyear Tire Rubber has performed a little above average during the past few months. Before the report, Goodyear Tire Rubber received a Long-Term Technical Rank by InvestorsObserver of 51, putting it in the top half of stocks. The firm was recently trading at a 52-week low of $10.33 on July 5, 2022 and set a 52-week high on November 5, 2021 at $24.89.

Goodyear Tire & Rubber Co manufactures and sells a variety of rubber tires under the Goodyear brand name. The firm's tires are used for automobiles, trucks, buses, aircraft, motorcycles, mining equipment, farm equipment, and industrial equipment. The company operates its business through three operating segments representing its regional tire businesses: Americas; Europe, the Middle East and Africa (EMEA); and the Asia Pacific.