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Goodyear Q4 profit climbs 84.9% YOY

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Goodyear Q4 profit climbs 84.9% YOY

Goodyear Tire & Rubber Co. said its fourth-quarter normalized net income came to 79 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

EPS climbed 89.8% year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $207.8 million, a gain of 84.9% from $112.4 million in the prior-year period.

The normalized profit margin climbed to 5.7% from 2.8% in the year-earlier period.

Total revenue decreased 7.9% on an annual basis to $3.74 billion from $4.06 billion, and total operating expenses decreased 12.7% year over year to $3.31 billion from $3.79 billion.

Reported net income totaled $558.7 million, or $2.13 per share, compared to a loss of $382.0 million, or a loss of $1.42 per share, in the prior-year period.

For the year, the company's normalized net income totaled $3.31 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.92.

EPS rose 32.3% from $2.50 in the prior year.

Normalized net income was $881.3 million, a gain of 28.9% from $683.5 million in the prior year.

Full-year total revenue declined 7.8% from the prior-year period to $15.16 billion from $16.44 billion, and total operating expenses fell 9.6% year over year to $13.36 billion from $14.77 billion.

The company said reported net income rose on an annual basis to $1.26 billion, or $4.74 per share, in the full year, from $305.8 million, or $1.12 per share.