Shares of Goodyear Tire & Rubber sank 8 percent Wednesday, after the company reported a decline in second-quarter revenue.
The company said revenue dropped 4.9 percent to $4.66 billion from $4.89 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $4.74 billion, according to Zacks. In North America, sales decreased 7 percent from last year to $2 billion. Sales reflected a 3 percent increase in tire sales, which was offset in part by lower third-party chemical sales. For the quarter, net income increased to $213 million, or 76 cents per share, from $181 million, or 67 cents per share, a year earlier.
Goodyear reaffirmed its 2014-2016 financial targets, which include expectations of a 2 percent to 3 percent increase in tire unit sales for 2014 over 2013.
Total returns through July 28
Source: FactSetAssociated Press