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Goodyear profit misses consensus by 15.2% in Q3


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Goodyear profit misses consensus by 15.2% in Q3

Goodyear Tire & Rubber Co. said its third-quarter normalized net income amounted to 99 cents per share, compared with the S&P Capital IQ consensus estimate of $1.16 per share.

EPS increased 19.0% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $262.6 million, an increase of 15.6% from $227.3 million in the year-earlier period.

The normalized profit margin rose to 6.8% from 5.4% in the year-earlier period.

Total revenue decreased 8.1% on an annual basis to $3.85 billion from $4.18 billion, and total operating expenses decreased 8.2% year over year to $3.33 billion from $3.63 billion.

Reported net income rose 16.7% year over year to $316.5 million, or $1.19 per share, from $271.3 million, or 99 cents per share.