Goodyear Tire & Rubber Co after Monday’s close announced third-quarter 2023 adjusted earnings per share (EPS) of $0.36, topping the analyst consensus forecast of $0.18, according to Zacks Equity Research.
Its revenue for the period, meanwhile, decreased 3.2% to $5.14 billion, falling just short of the $5.16 billion expected by Wall Street, which the company attributed to commercial truck industry weakness and lower other-tire related sales.
In a letter to shareholders, Goodyear CEO Rich Kramer stated that he expects the company's margins to continue to expand during 4Q despite operating in a global tire industry that remains below 2019 levels.
"That said, there were signs of improving volume conditions in several of our markets, including the US, where industry volume grew 10% over last year, indicating an end to channel destocking that began in late 2022," Kramer wrote.
During 2Q, Goodyear missed on both its top and bottom lines on weaker demand from the US and European commercial truck sectors.
Shares of Goodyear have gained 23% year to date.
Contact Sean at sean@proactiveinvestors.com